30 November 2012

Axis Bank and Indiabulls Financial Services to establish operations in London, UK

- Axis Bank will open its London office early next year 
- Indiabulls to provide mortgages for properties in India 
- The two firms will initially be employing 30 staff 
- 73 Indian companies currently listed on London Stock Exchange 

30 November 2012 - Two of India’s fastest growing financial services companies, Axis Bank and Indiabulls Financial Services, today announced they are setting up in London. The news came as the Mayor of London, Boris Johnson visited the Bombay Stock Exchange, where he invited Indian businesses aiming to compete successfully in the global market place to come to London and capitalise on the huge opportunities it offers to growing companies. 

The banks' arrival in London follows the lead of other major Indian firms, including Union Bank, Punjab National Bank and ICICI Bank. Already home to more than 300 international banks, London is the perfect destination for Indian financial firms. Located in the right time zone, with a highly skilled workforce to boost growth, a London base delivers jobs and wealth back home. 

For ambitious Indian companies, the London Stock Exchange is another huge draw, with 73 Indian companies currently listed in the world's premier financial market, more than on any other exchange outside India. This gives them access to innovative and cost-effective borrowing solutions to grow and compete. Those already listed in London raised almost $3 billion in 2010 and 2011 compared with $53 million on the NASDAQ and NYSE combined in the same period. 

Axis Bank will open its London office, the first subsidiary outside of Asia, early next year. Founded in 1994 it has emerged as one of India’s leading banks providing wholesale and retail banking services across India. 

Cyril Anand, Chief Executive of Axis Bank UK operations, said: “London has the right mix of potential wholesale and retail business to make it the ideal location for our first international subsidiary. As importantly, it provides us with a robust regulatory environment which will allow Axis to build on its strong corporate franchise internationally. We look forward to establishing a significant presence in the city.” 

Indiabulls Financial Services, part of Indiabulls Group - an energy, real estate and financial services conglomerate - plans to provide Non Resident Indians and Person of Indian Origin mortgages for properties in India. The development follows Indiabulls Real Estate Limited setting up office in London earlier this year. 

Ashwini Kumar Hooda, Managing Director, Indiabulls, said: “We look forward to expanding our UK operations into the financial services arena. We see significant commercial opportunities in opening up the India property market to a UK based audience.” 

Axis Bank and Indiabulls Group have been supported by London & Partners in establishing their presence in London. Combined, the two firms will initially be employing 30 staff, and both intend to significantly expand their headcount in London in the coming three years. 

The Mayor is on a five day visit to India, accompanied by a delegation of top London business people, to promote London as the destination of choice for investors and international trade. He will be taking part in a series of high-level meetings with Indian business leaders, senior politicians and investors in the key business hubs of Delhi, Hyderabad and Mumbai. 

Source: London & Partners