Lord Sassoon welcomes Indian Banks to the UK
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Issued 07 September 2010
Commercial Secretary to the Treasury, Lord Sassoon, while on a visit to
India, today launched a UK financial services guide in Mumbai as a direct
response to the interest of Indian banks and financial firms, keen to set up
businesses in the UK.
Speaking at the Federation of Indian Chambers of Commerce and industry (FICCI)
and Indian Bankers Association (IBA) Banking Conference in Mumbai today on ‘UK
and India : A Partnership in Financial Services’ Lord Sassoon said that London
had much to offer as a financial capital, including access to other European
markets, and called on Indian banks to establish themselves even more
prominently across the UK.
Lord Sassoon said that the UK remains a global hub for banking and financial
services and we want to attract the best of global finance to London.
He said that the UK Trade and Investment/Deloitte guide to ‘Setting up a
Financial Services firm in the UK’ had been produced exclusively to encourage
and improve the financial links between the UK and India. The UK Trade and
Investment team in India stood ready to support their business in this
The Commercial Secretary to the Treasury, Lord James Sassoon said:
“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
“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
“The dynamism of India’s capital and equity markets demonstrates the
potential for other parts of the financial sector such as in insurance and
“I want India and the UK to create a partnership in banking that is strong
and lasting – one that encourages closer ties between our two economies.”
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Article Published/Sorted/Amended on Scopulus 2010-09-08 15:21:46 in Business Articles