Jan 08, 2013
January 7th 2013 - Mizuho Corporate Bank, Ltd. (MHCB; Yasuhiro Sato, President & CEO) has received formal approval from the Reserve Bank of India to open a branch in Chennai, State of Tamil Nadu, India.
Based on this approval, MHCB is making preparations to open the new branch by the end of November 2013. The Chennai Branch will be the fourth branch for MHCB in India,following our branches in Mumbai and New Delhi, and in Bangalore-Devanahalli, which will open by the end of April 2013 as the first branch of a Japanese Bank in the Bangalore area. Chennai is the capital of the State of Tamil Nadu and the largest city in the southern region of India. It is home to several large ports (Chennai, Ennore, etc.) and boasts a well-developed automobile/auto-parts industry, as well as other strong industries such as electronic components, IT, and machinery. Tamil Nadu is one of the leading regions for economic growth in India and it has many valuable attributes including well-developed infrastructure, a strong labor force, and close proximity to South East Asia. In addition to this, Tamil Nadu is proactively working to attract foreign investment to the state, which has led to a significant increase in foreign direct investment, not only from Japan, but many other foreign countries as well. Going forward, we are projecting further development of infrastructure, including creation of industrial parks and further establishment and expansion of ports and roads.
In February 2010, MHCB entered a memorandum of understanding with the Industrial Guidance and Export Promotion Bureau in Tamil Nadu, concerning support for Japanese companies that are establishing business operations there. We are also promoting development of a world-class, integrated industrial township project with environmentally friendly infrastructure in South Chennai. The Chennai Branch will cover the South India area and it will enable us to provide a range of banking services near our customers operating there. It will also crease a framework to cooperate with Mizuho Bank, Ltd. and support the expansion and
development of our customers' businesses.
Re-disseminated by The Asian Banker