FirstRand enters banking space in India with a branch in Mumbai

Mumbai, Apr 18 (PTI) South Africa-based financial services group FirstRand Bank today started the retail and commercial banking operations in India with the opening of a branch in the city. "We are excited to start retail and commercial banking in India, which represents the first new market outside of Africa for these operations. We see India as an exciting business opportunity and this expansion is key to our long-term growth strategy," FirstRand Ltd Chief Executive Officer Sizwe Nxasana told reporters here. He said the branch would help in facilitating greater economic, trade and investment flows between two countries. At an event to mark the opening of FirstRand Bank's branch in Mumbai the previous day, Chief Minister Prithviraj Chavan of the western Indian state of Maharashtra had said, "Your decision to come to India is perhaps a little late, but I'm very happy that you chose Mumbai (capital of Maharshtra state) to start your operations, and rightly so because Mumbai is the financial capital of the country." The function was also attended by South African Finance Minister Pravin Gordhan, among others. The Chief Minister also expressed the hope that FirstRand would also exploit the opportunities in other cities of India as well. "I am sure that the Reserve Bank of India along with policy decisions being taken in the central government will provide huge opportunity for not only banking, but also for huge insurance portfolio and all other products that you are offering in Africa," he said. The bank is also hopeful of introducing some of the technology based products in the country in the near future. "We see much potential in India and think it is an excellent market to activate the technology we have in South Africa which can find applications in this market," the bank's Chief Executive Officer and India Country Head Mahendran Moodley said. FirstRand is the second largest financial services group in South Africa with over USD 100 billion assets under management. PTI