7th September 2010

Commercial Secretary to the Treasury, Lord Sassoon, while on a visit to India, today welcome Indian Banks to the UK. The UK is already home to nine Indian banks who operate branches across the UK. Lord Sassoon launched a UK financial services guide in Mumbai as a direct response to the interest of Indian banks and financial firms, keen to set up businesses in the UK. Speaking at the Federation of Indian Chambers of Commerce and industry (FICCI) and Indian Bankers Association (IBA) Banking Conference Lord Sassoon said that London had much to offer as a financial capital, including access to other European markets, and called on Indian banks to establish themselves even more prominently across the UK.

Lord Sassoon said that the UK remains a global hub for banking and financial services and we want to attract the best of global finance to London. He added 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.

The Commercial Secretary to the Treasury, Sir James Sassoon said: "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.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. 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."