Wednesday, April 9, 2008

UK offers Indian banks branch expansion program

UK is offering a range of services to Indian Bank’s for the expansion of their branches network in the country. At present ICICI Bank, Bank of India, Bank of Baroda and State Bank of India in Leicester are doing good business.

Currently a delegation from UK comprising officials of the British government funded trade body, Leicesershire Economic Partnership (LSEP) and the Lord Mayor of British city of Leicester, Councillor Gary G Hunt are on a visit in India and are meeting senior executives of ICICI Bank on Tuesday to offer more opportunities and services to the bank to expand its branch network so that it can have exposure in UK’s small to medium enterprises (SME).

The delegation is also expected to meet executives of other Indian banks to offer similar deal to them in order to attract investments in Leicester by offering the banks’ branch expansion program in UK’s East Midlands region.

LSEP chief, Kishor Tailor said: “The presences of ICICI Bank, Bank of India, Bank of Baroda and State Bank of India in Leicester have contributed significantly to the city’s Economy. We would hence like to offer a range of services to other Indian banks and act as facilitators to locate potential banking business from Asian as well as non-Asian owned SMEs in Leicester.”

Councillor Gary G Hunt said, “Following the entry of Barclays Bank in India, I am keen to see Alliance & Leicester Bank’s presence in India. We would encourage them to do that. Also, I am going to invite the ICICI Bank to start a corporate finance branch in Leicester’s proposed business park. The park is expected to attract huge investments from leading British Companies. The move could get about 10,000 bank accounts of highly paid executives to ICICI Bank.”

LSEP chairman Rick Moore said, “We have 3000 new business start-ups every year. The new business start ups by Asians are around 150 every year as they roughly constitute 30% of Leicester’s population. There exists a good opportunity for Indian banks to capitalize on SME business in Leicester.”

Leicestershire Chamber of Commerce deputy president John Townsend said, “In Leicester, 92% businesses employ less than 50 people and 82% employ less than five people. Many of these enterprises are owned by third generation Asians who traditionally like to bank with Indian banks.”

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