Standard Chartered, the largest foreign bank in the country, on Monday reopened its Japan desk in Chennai.
Standard Chartered is one of the few foreign banks to have a desk dedicated to focusing on the interests and banking requirements of Japanese companies in the region. This will help deepen the bank’s relationship with the senior management teams of Japanese companies based in Chennai.
Chennai is a manufacturing hub for multiple Japanese companies and Standard Chartered is positioned to provide a broad range of services and banking products to these companies as well as work with various product partners to offer customised banking solutions to its clients.
Some of the banking products and services offered include cash management and trade-related services and products, financial market products, debt capital market products, and employee banking services. In addition, it will also provide detailed guidance on FDI investment and M&A.
Speaking on the occasion, Ananth Venkat, MD & regional head, international corporates, ASEAN and South Asia, said, “The relationship between India and Japan has a huge potential for growth. Our Japan desk at Chennai will strengthen our delivery to the Japanese clients and in addition to banking requirements, support them in understanding the complexities of the Indian market and regulatory requirements, as they look to expand their operations in India.”
There are currently over 1,200 Japanese companies in India. During Prime Minister Narendra Modi’s visit, the Japanese government had committed incremental investments worth 3.5 trillion Japanese yen into India over the next five years. On this basis, more investment from Japan is foreseen.