Italy's Banca Popolare opens India office
The representative office in New Delhi will provide direct assistance to Italian entrepreneurs, who want to have business ties with India.india Updated: Apr 29, 2006 20:27 IST
Italian bank Banca Popolare di Vicenza (BPV) on Saturday opened its first representative office in India to provide financial services to Italian firms keen to do business here.
The bank has corresponding relationship with all other India banks dealing in export and import trade.
Inaugurating the New Delhi office, Bank's chairman Gianni Zonin said, "The representative office will provide direct assistance to Italian entrepreneurs, who want to have business ties with India."
He said the bank would also offer assistance to Indian entrepreneurs, who would like to have business links with Italy.
The bank has chosen Delhi for its first office as it has a large clientele base in automotive, textile, food and agro processing business in Italy.
The New Delhi office is the third such office of the bank as it has two representative offices in Honk Kong and Shanghai in China.
Besides the local requirement, the Delhi office will manage the bank's business relationships with Pakistan, Afghanistan, Myanmar and Bhutan.
The bank will open a reference point in Mumbai to take care of the requirements of that region and Sri Lanka.
"If the volume of business increases in Mumbai, we will open a representative office in Mumbai," Zonin said.
Bank's general manager Colombini said that after their successful operation in China through Shanghai representatives last year, the bank has decided to open India to its customers in Italy.
Chief representatives of its India office Pradeep Khan said that small and medium size companies in Italy are looking at India as potential market for marketing and manufacturing tie up and are looking at support in India to advise them on correct entry strategy.
The bank will manage payment operations from Italy to India and vice versa between the corporate houses of the two nations and provide finance and credit lines to entrepreneurs directly and through local banks.
Established in 1886, the BPVI Group, which includes two other Italian banks Cassa di Risparmio di Prato in Tuscany and Banca Nuova in Sicily, is the 18th largest banking group in Italy in terms of consolidated total assets. Even though concentrated in the North-Easter part of Italy, it operates all over the country with 540 branches. BVI Group made a net profit of 125.8 million Euro in 2005.