French bank chooses Ahmedabad to open its third branch in India after Mumbai and Delhi

Ahmedabad, 12 March 2013

French multinational bank Societe Generale today opened its third branch in India in Sanand near Ahmedabad, its third in the country. In the coming years, it plans to open branches in Bangalore, Chennai, Hyderabad and Pune.

After Mumbai and Delhi, the bank choose Ahmedabad for its third branch, however, it later chose Sanand, as Reserve Bank of India (RBI) guidelines mandate banks to open branches in the hinterland as well.

The bank’s Sanand branch would be a corporate banking unit and have five employees. “Gujarat has been chosen as our first step for expanding our presence beyond Mumbai and New Delhi because it is a very dynamic and diversified market, with industrial growth among the best in India. The market is flourishing, with numerous companies foraying into various industries such as chemicals, pharmaceuticals, automobiles and engineering. Gujarat is a forward-looking state with enormous support from the state government to attract new investments,” Vives said.