Treasury calls on Indian banks to set up shop in the UK
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Lord Sassoon, commercial secretary to the Treasury has called on Indian banks and financial firms to set up businesses in the UK.
Speaking at the Federation of Indian Chambers of Commerce and industry and Indian Bankers Association Banking Conference in Mumbai today, Sassoon says that London has much to offer as a financial capital, including access to other European markets.
He has called on Indian banks to establish themselves even more prominently across the UK.
He says the UK remains a global hub for banking and financial services and we want to attract the best of global finance to London.
The Treasury has produced a UK Trade and Investment/Deloitte guide to ’Setting up a Financial Services firm in the UK’ which has been produced exclusively to encourage and improve the financial links between the UK and India.
He says the UK Trade and Investment team in India stood ready to support their business in this endeavour.
He says: “This government has made some key changes to its international priorities. We are determined to support India’s rapid growth and development. Openness to trade and investment must be at the heart of this relationship.
“Opportunities for Indian financial services in the UK will be even brighter if they are linked to continuing growth in other forms of business.
“The UK is home to more Indian banks than any other foreign national, with nine separate companies operating branches across the UK. Exim will shortly join them.
”We have a vital stake in India’s rise to global power and prosperity. And this can be further developed with greater integration of our financial institutions.
”The dynamism of India’s capital and equity markets demonstrates the potential for other parts of the financial sector such as in insurance and banking.”
He says he wants India and the UK to create a partnership in banking that is strong and lasting and one that encourages closer ties between the two economies.
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Readers' comments (8)
Anonymous | 7 Sep 2010 3:12 pm
A proactive move from the government, whatever next?!!
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Anonymous | 7 Sep 2010 3:50 pm
Will they have call centres based in England?
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Serval | 7 Sep 2010 4:13 pm
A good hedge against China's domination over the UK, or in hope of.
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Anonymous | 7 Sep 2010 4:29 pm
Is this a joke?
How about focussing on getting UK banks working properly first.
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Barrie | 8 Sep 2010 2:11 am
Agree
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Matt | 8 Sep 2010 11:16 am
Well we've tried the cowboy banks lets see what the indian banks can do
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Norman Sams | 8 Sep 2010 2:05 pm
This is such a good idea - it will make it so much easier for money to be transferred back to the Indian sub continent
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Anonymous | 9 Sep 2010 11:57 pm
How can they legitimately set up shop in the UK when they are prevented from entering the UK by the govenment's immigration policies ?
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