News: Indian bank coming to T&T

(TG 09/03/2007) Port of Spain - 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.