Bangalore: London-based Standard Chartered PLC expects to add 500 people to its business process outsourcing (BPO) operations based in Chennai by this year-end, a top company executive said on June 24.

"We have 2,700 people in BPO centre in Chennai and we expect it to grow to 3,200 by the end of this year," A Christopher M Low, chief executive officer (CEO), India region, Standard Chartered Bank, said.

"Our scale of operations and centralisation of several processes to the Shared Service Centre in Chennai (under SCOPE International, a subsidiary of Standard Chartered PLC) gives operating efficiencies and cost synergies," he said.

Standard Chartered Bank India reported profit after tax of Rs 848.3 crore for 2002-03, and is the third largest contributor to the group.

Standard Chartered Bank India today has 66 branches in 24 cities and 15 more branches were slated to be added in the current calendar year, Low told reporters.

While the bank was not averse to come out with an initial public offering (IPO), it had to look into various factors, he said, adding that the listing on Indian stock exchanges was at present not on its agenda, though it cannot be ruled out if one looked at longer term.

The bank would launch a web-based new regional cash management system in India next month, he said.

Asked if the bank would be interested to acquire Centurion Bank, Low, speaking in general terms and not referring to the latter, said the bank would go ahead if it made a strategic fit into its growth ambition.

PTI