InvestHK's Simon Galpin (third from left); Chairman and Managing Director of UTI Bank, P J Nayak (extreme right); and Ambassador of India to the People's Republic of China, Mrs Nirupama Rao (second from right), at the opening ceremony

UTI Bank Ltd, the third largest private sector bank in India, officially opened its Full Licence Bank Branch in Hong Kong, offering a range of products and solutions to corporates and individuals.  The Bank's foray into Hong Kong is key to its strategy to participate in the strong economic growth in the Far-East Asian markets, complemented by its presence in the Chinese mainland and Singapore.

The Bank's Hong Kong branch, in its initial phase of operations, would be targeting major business areas that include corporate finance, trade finance and retail banking.

P J Nayak, Chairman and Managing Director, UTI Bank said: "Our presence in Hong Kong is another step in the Bank's strategy to establish a Pan-Asian presence and will provide a platform for accessing other markets in the region".

Associate Director-General of Investment Promotion at Invest Hong Kong, Simon Galpin, said he is confident that UTI Bank will find Hong Kong an ideal platform.  "Hong Kong's strength as a leading regional and international financial centre has been recognised by 69 of the world's top 100 banks which have established offices here." 

UTI Bank has established a branch in Singapore and a representative office at Shanghai as well as having received a license to set up a Category 1 branch in the Dubai International Financial Centre (DIFC), UAE.

The Bank currently has a network of 529 branches spread across more than 315 cities and towns in India, enabling it to reach out to a large cross-section of customers with an array of products and services catering to both the retail and corporate segment. Source: InvestHK

Related link
UTI