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#GlobalAmbition: How Indian public sector giant Union Bank is going global

 

Indian Finance Minister Arun Jaitley this week formally launched the UK subsidiary of India’s revered Union Bank of India.

The bank’s move into the UK signals the 96-year-old institutions global expansion plans – it plans to deliver 10% of overall business from overseas markets by 2019 as it looks to tap into the increasingly influential Indian Diaspora community whilst also providing banking services to companies and individuals queuing up to invest in India.

The bank, the 6th largest public sector bank in India with more than $59 billion in assets, will undertake retail and wholesale banking.

In retail banking the focus will be on current, savings, fixed term deposits and remittances while the wholesale banking arm will focus will be on syndicated loans, external commercial borrowings, SMEs, trade finance facilities and current accounts.

The UKAsian caught up with the bank’s chairperson Mr Arun Tiwari to find out more.

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#ReachingOut: ‘New BRICS Bank can complement our work’ – EBRD chief Sir Suma Chakrabarti

From world leaders to heads of development banks, the destination of choice these days appears to be New Delhi as change-makers attempt to tap in to the sense of optimism that has characterized the development-driven Narendra Modi's short time in office.

This week sees the arrival in the Indian capital of Sir Suma Chakrabarti, head of the European Bank for Reconstruction and Development (EBRD), who will hold meetings with Finance Minister Arun Jaitley and Reserve Bank of India (RBI) governor Raghuram Rajan, among others, before addressing the Delhi Sustainable Development Summit (DSDS) later this week.

India is not a member of EBRD and the country is outside the bank's investment remit - despite India considering membership of the bank since the early 1990's.

India is nevertheless, an important source of private sector funding for EBRD's investments in Europe, the Middle East and North Africa.  Joint India-EBRD investments up to 31 December 2014 totalled more than 175 million euros (£130 million). 

Speaking to the UKAsian ahead of his departure, Kolkata-born Sir Suma spoke about what the EBRD brings to the table, its work in India, the new BRICS bank and Prime Minister Modi's economic agenda.

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