UK govt encourages Indian banks and financial firms to set up in London

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Written by Ray Clancy

Wednesday, 15 September 2010 10:20

An increasing number of Indian banks and financial firms are keen to set up business in the UK with the move being welcomed by Lord Sassoon, Commercial Secretary to the Treasury.

Launching a UK financial services guide in Mumbai, India’s financial capital, as a direct response to the level of demand Lord Sassoon said that London had much to offer as a financial capital, including access to other European markets.

He called on Indian banks to establish themselves even more prominently across the UK as the country is a global hub for banking and financial services and the government wants 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 endeavour, he explained.

‘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,’ Lord Sassoon said.

‘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 join them. 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 institutions,’ he explained at the launch.

‘The dynamism of India’s capital and equity markets demonstrates the potential for other parts of the financial sector such as in insurance and banking. 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,’ he added.