NEWSGD.COM
Home | About Us | Contact Us | Site Map | Chinese
News | Biz | Pearl River Delta | Enjoy Life | Culture | Travelling | Pics | Cities & Towns | Gov Info | Specials
Home > News Brief > Guangdong
1st Indian bank in SZ opens
Latest Updated by 2007-03-30 10:37:47
Related News
Bank extends helping hand to poor county
Bank seeks more deposits of sperm
Police arrest Guangzhou bank robbers
World Bank to help clean up China's Pearl River
India to set up consulate in Guangzhou
Guangdong News
Vow to cut house prices in Guangzhou
India to set up consulate in Guangzhou
Folk art festival at Nanhai temple

Bank of India, a leading public-sector bank in India, opened its first branch on the Chinese mainland in Shenzhen on Thursday.

Located in the Golden Business Center in Luohu District, it is the only branch of an Indian bank in Shenzhen. Indian Finance Minister P. Chidambaram, Indian Ambassador to China Nirupama Rao and Shenzhen Mayor Xu Zongheng were present at the opening ceremony held in Shangri-La Hotel.

Xu awarded the bank 2 million yuan (US$256,000), in line with a one-year-old policy of encouraging financial institutions to set up offices in Shenzhen. Xu welcomed the bank, saying that Shenzhen's finance industry had experienced a growth rate of 19 percent last year, the best in 10 years.

Chidambaram said the bank could serve as a platform to support economic cooperation between China, India, Singapore and other countries. "The presence of one of the best representatives in India's banking system will further enhance commercial relations between India and Shenzhen," he said.

The branch was upgraded from a representative office, which was set up three years ago. According to Chinese law, a representative office cannot be upgraded into a branch within two years of establishment.

Bank of India is the latest foreign bank to expand its business in Shenzhen this year, after Citibank and Standard Chartered. Chidambaram said Bank of India is undaunted by competition. "Indians are natural bankers," he said.

There are about 200 Indian companies in Guangzhou and about 100 in Shenzhen. Last year another Indian bank, Allahabad Bank, also set up a representative office in Shenzhen.

The ambassador said seven other Indian banks are waiting to do business in China.

Editor: Yan

By: Source: Szdaily web edition
Previous:  Metro Lines2, 3 to be extended  Next:Cigarette smuggling ring busted


Female peacekeeper to leave for Haiti next month


Only a half cake and bread safety qualified


[Guangzhou] Eight New Attractive Places of Liwan District Selected


Guangzhou Port leaps to be world's fifth largest


Final "Harry Potter" book cover revealed
This site contains material from other media for content enrichment purpose only.
The Southcn.com website do not endorse such content and do not bear the joint responsibility of their copyright infringement.
The views expressed in written material posted to the bulletin boards of Southcn.com are those of the authors and/or publishers. The Southcn.com website does not endorse information products posted by organizations and individuals here. The originators of these information products are solely responsible for their content.
For copyright infringement issues, you shall contact Southcn.com within thirty (30) days. Email: falv@southcn.com
If you find any error in this page, please drag your mouse to mark the text with error, then press "CTRL" and "ENTER", to inform us. Thanks for your help!
Home  |  About Us  |   Contact Us  |  Site Map  |  Chinese
©2005 WWW.NEWSGD.COM. All rights reserved.registered number 020074 Terms of Use | Advertise | ICP Certificate No.B2-20050252
Guangdong Gov Link
Guangdong Gov Brief
State Structure
Guangdong in Brief
Laws & Regulations
Exchange Rate
Guangdong Guide
   
Museum Museum
University University
Eat Eat
Shopping Duting
Night Life Night Life
Weather Weather
Phone No. Phone Num
Consulate Consulate
Airport Airport
Travel Tips Tours Tips