Indian banks choose the Hong Kong gateway
Punjab National Bank (PNB), India's second largest public sector lender, is the latest in a string of Indian banks favouring Hong Kong as their base for expansion.
In December, PNB continued a trend by opening its first branch in Hong Kong. Since 2004, major Indian banks including Bank of Baroda, Bank of India, Indian Overseas Bank, Allahabad Bank and Axis Bank, the former UTI Bank, have either launched or expanded their presence in the city.
ICICI cites strong growth
It is now two years since India's ICICI Bank open its regional office in Hong Kong, and Chief Executive and Regional Head, Asia, Madhav Kalyan, is delighted with the results so far. Citing better than expected growth, Mr Kalyan said he is "very happy with the location". "Hong Kong offers us everything we need to build our business in North Asia," he said.
ICICI opened in partnership with the Bank of East Asia, with whom it continues to work closely, especially in developing India ? China relations. One of the primary drivers of its Hong Kong business is India-related syndicated loans, Mr Kalyan said.
"Hong Kong continues to play a key role. As an international financial centre, most of the banks in North Asia participate in the syndicated market out of Hong Kong. It is a very vibrant market for syndicated loans and bonds."
Content provided by Hong Kong Trade Development Council