SINGAPORE, Apr.11 (AFP) – India’s sixth largest private bank, UTI Bank Ltd, opened its first international branch in Singapore Tuesday, marking the first step in plans to stamp its footprint in Asia. “This marks the onset of our international operations, as a response to the growing globalisation of the Indian economy,” said UTI Bank chairman and managing director P.J. Nayak.
“There is a considerable opportunity for Indian companies to raise money overseas and our presence in Singapore would act as an anchor point for them,” he told a news conference at the bank’s new office in Singapore’s financial district.
Singapore, Southeast Asia’s most advanced economy, is a regional financial centre.
With the Indian economy growing at around eight percent a year, many Indian companies are looking overseas for expansion opportunities.
Nayak said the bank plans to open a representative office in Shanghai next month, and branches in Hong Kong and Dubai and a retail bank network in Sri Lanka are also in the works.
He said the bank is expanding outside of the Indian market because the country’s trade with Asia is growing “very much faster” than its trade internationally.
India’s trade with