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UTI Bank Ltd, the third largest private sector bank in India, officially opened its Full Licence Bank Branch in Hong Kong today (March 21), offering a range of products and solutions to corporates and individuals. The Bank's foray into Hong Kong is key to its strategy to participate in the strong economic growth in the Far-East Asian markets, complimented by its presence in China and Singapore.
The Bank's Hong Kong branch, in its initial phase of operations, would be targeting major business areas that include Corporate Finance, Trade Finance and Retail Banking.
Speaking on the occasion of the launch, Mr P J Nayak, Chairman and Managing Director, UTI Bank said, "Our presence in Hong Kong is another step in the Bank's strategy to establish a Pan - Asian presence and will provide a platform for accessing other markets in the region".
Associate Director-General of Investment Promotion at Invest Hong Kong, Mr Simon Galpin, congratulated UTI Bank on its new venture in Hong Kong. "Hong Kong's strength as a leading regional and international financial centre has been recognised by 69 of the world's top 100 banks which have established offices here. I am confident that UTI Bank will find Hong Kong an ideal platform for launching its progressive expansion plans by blending its solid and successful industry experience with Hong Kong's world-class banking infrastructure and high-growth economy," said Mr Galpin.
UTI Bank has established a branch in Singapore and a representative office at Shanghai as well as having received a license to set up a Category 1 branch in the Dubai International Financial Centre (DIFC), UAE.
The Bank currently has a network of 529 branches spread across more than 315 cities and towns in India, enabling it to reach out to a large cross-section of customers with an array of products and services catering to both the retail and corporate segment. The Bank is a leading player in Debt Syndication in India and has received numerous industry awards. UTI Bank has also built up a strong retail-banking portfolio with more than 5.5 million depositors and is among the first Indian Bank to launch the International travel currency card that currently offers multiple currency options to customers in India. It is also the first bank to launch a Remittance Card for speedier inward remittances into the country. For more information: www.utibank.com.
Invest Hong Kong is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing the support needed to establish or expand a business presence here. For more information: www.investhk.gov.hk.
Ends/Wednesday, March 21, 2007
Issued at HKT 12:45
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