First private sector Indian bank to open in China
(16 May 2013 – India) Axis Bank is set to be the first Indian private sector bank to open a branch in China.
India’s third largest private sector bank said it received permission from regulators in both India and China to open a full branch in Shanghai within the next three months.
"There is a lot of trade between China and India, so there is a lot of requirement for trade finance and project finance," said Axis Chief Executive Shikha Sharma.
She pointed out that Axis had been waiting for this permission for a long time and is pleased to have it.
Trade between India and China is projected to top US$100 billion (A$100 billion) by 2015 compared to US $66 billion last year.
A number of state-backed banks such as State Bank of India have been allowed to open Chinese branches in the past, but until recently the Reserve Bank of India had been unwilling to give private institutions permission to do business in China.