Standard Chartered Bank is bullish on growth in India and is on the prowl for acquisitions to expand its presence in the subcontinent. China is the other region which is on StanChart's radar, reported Financial Times.

The focus of the emerging markets bank was on 'organic growth but it would continue to look for opportunities in key markets,' said FT.

The newspaper, quoting Mervyn Davies, the bank's chief executive, said that India was a fantastic market and there's a new mood of optimism in the country.

The trend towards consolidation of banking in India has made StanChart, which is India's largest foreign bank, to look closer at the nation.

Davies led a team of 30 of the bank's top managers to India last week to give them an insight into the market. India and China are the two areas where the banking giant sees multiple growth options.

The bank is likely to strengthen its distribution and branch network in India and is aiming to open 23 new branches. The bank will most likely enter Chandigarh, Ludhiana, Jaipur, Lucknow, Bhopal, Baroda, Surat, Jalandhar, Secunderabad and Indore to expand its footprint across the nation.

Michael Rees, chief executive (wholesale banking), who was in India said that the country was one of the biggest growth markets for the bank where it wants to be a major player.

Citibank, Bank of America and ABN Amro are also looking to expand their presence in India and may take the subsidiary route.