Axis Bank to open first branch in China

Will also be the first Indian private sector bank branch in China.

India’s third-largest private sector bank, Axis Bank, Ltd said it has received permission from regulators in both countries to open a full branch in Shanghai within the next three months.

“There is a lot of trade between China and India, so there is a lot of requirement for trade finance and project finance,” said Axis chief executive Shikha Sharma.

She noted that Axis has been waiting for this permission for a long time, and that they are pleased to have it.

Trade between India and China is projected to top US$100 billion by 2015 compared to US $66 billion last year.

A number of state-backed banks such as State Bank of India have been allowed to open Chinese branches in the past, but until recently the Reserve Bank of India had been unwilling to give private institutions permission to do business in China.