Indian bank coming to T&T

[Plex]

Trade and Industry Minister Ken Valley presents the letter communicating the Central Bank�s approval for the Bank of Baroda to begin operations in T&T to Dr Anil K Khandelwal, chairman and managing director of the bank, during a ceremony in Mumbai, India. Valley is leading a trade and investment mission to the Far East.

After nearly three years of negotiations, the Central Bank has given the green light for India�s Bank of Baroda to operate in T&T.

Trade and Industry Minister Ken Valley, who is in India on a trade and investment mission, yesterday presented the letter of approval to the bank�s top executives.

Dr Anil Khandelwal, the bank�s chairman and managing director, said he expected the agreement to open up new trade and investment opportunities for Indian and T&T businessmen.

According to a Trade and Industry Ministry news release, Khandelwal �saw T&T as the Singapore of the West and urged his customers to visit this country to explore business opportunities�.

He added that his bank�s strategy was to build sustainability in the local economy.

At the ceremony, Valley said part of the Government�s diversification thrust was to transform T&T into the region�s financial hub.

He also noted that T&T had a highly evolved financial sector.

Valley alluded to several local financial institutions owning operations in Central America and other Caribbean islands.

Apart from expressing interest in T&T, the Bank of Baroda has 60 offices in 21 countries including the Bahamas, New York, Guyana, London, Brussels and Dubai.

According to the release, the Bank of Baroda has �vast, multi-specialised international experience in project finance, international trade finance, loan syndications, retail finance and SME lending.

Guardian