Thursday, January 17, 2008

Citibank India to establish Japan Desk

Citibank has now increased its focus for Japanese corporate clients in India. Looks like Japanese corporate banking business is finally viable enough in India for leading banks to set up a Japanese desk! Editor

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New Delhi, Jan 10: Global banking major Citibank India will set up a Japan Desk in New Delhi to offer banking and associated services to Japanese corporate clients in India.

The desk will offer services like cash management, trade financing, foreign exchange, lending among others, a release issued here today said.

Over the past few years, Japanese investment in Indian infrastructure, inflows touched USD 4 billion and India was high on Japan's priority, India Japan Initiative's Chairperson Geetanjali Kirloskar said.

"While other countries looked at India as a market, the Japanese have looked at India as a partner," she said.

With the setting-up of the new desk, Citi will be able to play a key role in supporting new Japanese companies that are entering into India as well as supporting existing Japanese subsidiaries in India in their expansion plans.

Japan Desk will be staffed with Japanese professionals, allowing a Japanese client interface, the release said.

Presently, Japan is the third largest FDI investor in the country and around 400 Japanese companies operate in India, including joint ventures with Indian partners.

Bureau Report

(Zeenews.com)

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