Union Bank of India has Shanghai high on agenda

Union Bank of India has Shanghai high on agenda

2007-05-19
Union Bank of India opened a representative office in Shanghai yesterday(2007-05-18 .

It is its first overseas representative office, a testament to the rising trade between India and China.

The office primarily carries out a liaison function that will facilitate trade and business opportunities between China and India.

It will provide consultations and offer market-investigation services to Chinese industrialists and entrepreneurs aiming to establish businesses in India, and vice versa."The trade between China and India is growing and banks have a key role to play in using the vast potential available to take these levels higher," M.V. Nair, chairman and managing director of the bank, said in Shanghai yesterday.

"We have been very keen to open our office at Shanghai."

The office, headed by an executive of Union Bank, R.S. Pandey, will work towards developing relationships with banks in China.

Nair said China is "the first step in our globalization as the country is growing as a great power amid more trade with India."

The Indian bank will also eventually open representative offices in Beijing and Guangdong Province.

The lender has also applied to open a branch in Hong Kong and hopes to kick off operations there this year.

In addition, the bank plans a foray into the Middle East as part of its global expansion but regards China as its key overseas target for corporate growth.

The bank is the ninth Indian bank to step into China's booming banking industry.