Citibank India to establish new Japan desk

Our Corporate Bureau
10 January 2008

Mumbai: Citibank India today announced that it would establish a new Japan Desk in New Delhi, from this month. 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.

"Over the past few years, Japanese investments in Indian infrastructure, inflows touching $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.," said Geetanjali Kirloskar, chairperson, India Japan Initiative (IJI), on the growing trade between India and Japan.

"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 is the third largest FDI investor in India, with 400 Japanese companies currently operating in India, including joint ventures with Indian partners. In 2007 Japanese companies invested over $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."