Japanese bank Mizuho may open its branch in Ahmedabad as early as next spring:Nikkei


Ahmedabad, 9 September 2014

Japanese daily Nikkei reports that Japanese bank Mizuho could open its first office in Ahmedabad as early as next spring.

Nikkei reports: Major Japanese financial institutions are moving to expand operations in India as reform-minded Indian Prime Minister Narendra Modi pushes to revitalize the country’s economy. These moves are particularly significant as Modi on Saturday began an official visit to Japan. Mizuho Bank has received approval from the Indian government to set up the first office for a Japanese bank in Ahmedabad, in India’s western state of Gujarat, which could open as early as next spring Ahmedabad, which is Modi’s support base, is located between New Delhi and Mumbai. Suzuki Motor and Honda Motor have plans to build new plants in Ahmedabad. This would be Mizuho’s fifth office in India.Mizuho Bank sees India as one of the most important Asian markets outside of Japan, along with Hong Kong and Singapore.

Nikkei further reports that other Japanese banks have made similar moves. In April, the Bank of Tokyo-Mitsubishi UFJ opened its branch office in Bangalore, in southern India. Last spring, Sumitomo Mitsui Banking increased the number of staff at its New Delhi branch by 20% to about 100.

Also read: Gujarat part of India-Japan joint declaration underlined