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Marking another step in the growing relationship between the world's fastest growing economic powerhouses, China and India, Allahabad Bank, India's oldest joint stock bank has chosen Hong Kong for its first overseas branch.
The leading public sector bank, which is currently 55.23% held by the Indian government, opened a branch at the Lippo Centre today (February 26) to serve retail and corporate clients. The occasion was graced by the presence of the Head of Banking Supervision at Hong Kong Monetary Authority, Mr T.Y. Chan and Consul General of India in Hong Kong, Mr B.K. Gupta.
As part of its China expansion plans, the bank also opened a representative office in Shenzhen from which it explores opportunities in the dynamic southern China region.
Chairman and Managing Director of Allahabad Bank, Mr A. C. Mahajan, said, "Having consolidated our business with 2,046 branches across India, as well as long standing relationships with 225 foreign counterparts in all major economies, our Bank decided to expand our presence into key overseas business centres. Hong Kong was a natural first step and we look forward to offering a range of improved and efficient services to cater to the needs of retail and corporate clients in India as well as Hong Kong."
The Director-General of Investment Promotion at Invest Hong Kong, Mr Mike Rowse, said, "We're delighted, but not surprised, that Allahabad Bank chose Hong Kong for its first overseas branch. Almost three quarters of the world's leading banks already have offices here, so it's a natural step for a leading Indian bank, such as Allahabad Bank to set up here."
Mr Rowse added, "Hong Kong's 45,000-strong Indian community has an impressive and long-standing reputation for business and trade across the region and around the world. Add to this the booming trade links between India and China, I have no doubts Allahabad Bank will find exciting opportunities in Hong Kong."
Established on April 24, 1865, Allahabad Bank currently has assets of HK$118.04 billion and deposits of HK$102.77 billion. For more information, visit the website at www.allahabadbank.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, please visit the website at www.investhk.gov.hk.
Ends/Monday, February 26, 2007
Issued at HKT 19:00
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