South African private Bank, FirstRand is opening its representative office on Wednesday in Mumbai. The inaugural function of the bank premises in Churchgate area is expected to be attended by senior FirstRand executives including chairman Sizwe Nxasana, group CEO Theunia Lategan and its executive director Stephan Claaffen. FirstRand is the first South African bank to open a representative office in India. It has appointed Indian cricket team coach and the former South African opening batsman Gary Kirsten as its brand ambassador in India.
According to Stephan Claaffen, the representative office will focus on segments like investment banking, private equity participation and wholesale banking. He said, ?We chose India as our bank was keen on having a strong presence in emerging economies. Also, the increasing import-export activities between India and South Africa will now benefit us a lot because of our presence in both the countries. Henceforth, trade financing will be our strong focus area too.?
The bank is active in investment banking activities in India since January this year, Claaffen said. The bank has also sought permission from the Reserve Bank of India to open branches in cities like Mumbai, Gurgaon, Chennai, Hyderabad, Bangalore and Coimbtore.??We will foray into the retail banking once we get the licenses,? Claaffen said.
The bank is open for joint ventures with Indian banks and are in talks with a few potential partners. ?However, we are not keen to buy a strategic stake in any Indian bank,” he added.
