New Delhi: As part of its strategy to establish a Pan-Asian presence, UTI Bank Ltd, the third largest private sector bank, has opened its Full Licence Bank Branch in Hong Kong.
Complimented by its presence in China and Singapore, the Bank's foray into Hong Kong is key to the bank's strategy to participate in the strong economic growth in the East and Far-East Asian markets.
In its initial phase of operations, UTI Bank's Hong Kong branch would be targeting major business areas that include Corporate Finance, Trade Finance and Retail Banking, a company press release 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," as quoted by PTI, Chairman and Managing Director of UTI Bank, P J Nayak said.
The branch was inaugurated by Indian Ambassador to China, Nirupama Rao.
In order to establish a Pan-Asian presence, UTI Bank has already established a presence in Singapore and China by way of a branch in Singapore and a Representative Office at Shanghai and has received a license to set up a Category 1 branch in the Dubai International Financial Centre (DIFC), United Arab Emirates.
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