Mumbai, Maharashtra, India
Citibank India today announced that it would establish a new Japan Desk in New Delhi, India, beginning January 2008. Leveraging its local expertise, wide product-service set, market reach and business infrastructure, Citibank India will be able to offer Japanese corporate clients in India banking and associated services in India including cash management, trade financing, foreign exchange, lending, etc.
India has become a major destination for investment and business development among large and small Japanese corporations. With the setting-up of this 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. The new Japan Desk at Citibank India will be staffed with expatriate Japanese professionals, allowing a Japanese client interface.
Speaking about the growing trade between India and Japan, Ms. Geetanjali Kirloskar, Chairperson, India Japan Initiative (IJI) said, "Over the past few years, Japanese investments in Indian infrastructure, inflows touching US$4 billion and the emergence of India as the largest recipient of ODA have made apparent the emergence of India as high on Japanese priorities. While other countries looked at India as a market, the Japanese have looked at India as a partner. This Japan Desk will go a long way in providing Japanese subsidiaries in India a much-needed support system provided by a quality bank that both countries have great respect for."
Japan currently is the third largest FDI investor in India, and 400 Japanese companies currently operate in India, including joint ventures with Indian partners. In 2007 itself, Japanese companies invested over US$ 300 million in India. Automotives, Engineering and Electronics are key sectors in India with significant Japanese presence and the new focus areas for Japanese companies include Infrastructure, Pharmaceuticals, Chemicals, Pharmaceuticals and Capital Goods.
Sanjay Nayar, CEO, Citi India, said, "With our deep understanding of the local market and rich experience in supporting the entry and growth of international companies in India, Citi is ideally poised to cater to the growing needs of Japanese companies setting up manufacturing facilities or expanding operations in India."
India today ranks 26th in terms of Japan's global exports and 28th in terms of imports. The trade volume between Japan and India in 2006 was over US$ 8.4 billion, with a 27 percent growth compared to the previous year. India's imports from Japan are dominated by capital and knowledge intensive manufactured products such as machinery, transport equipment, electronic goods, chemicals and metal products and top export items to Japan include gems and jewelry, marine products, iron ore, cotton yarn and software.
"Our strong presence in both countries, especially in servicing emerging sectors and SME businesses, will make us the preferred financial partner/advisor in the growing cross border trade and M&A activities--both outbound and inbound--between Indian and Japanese companies", said Sandeep Ghosh, Managing Director and Head-Global Commercial Bank, Citi India.
Citi has a long history in India and Japan dating back to 1902 when its first offices were established in Asia in Yokohama and Kolkata along with Shanghai and Hong Kong. In India, Citi prides itself in being a premier local financial institution backed by its global network across 100 countries. With over 22,000 employees and capital invested of over US$ 2.9 billion, Citi is the single largest foreign direct investor in the financial services industry in India. In Japan, Citi is one of the leading international financial firms and has recently listed Citigroup shares on the Tokyo Stock Exchange under the name "Citi."
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citi's trademark red arc include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com
Source: Citi (Business Wire India)
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