Sumitomo Mitsui Weighs Broader Expansion in India's Low-Tax Hub [BNN Bloomberg (Canada)]
SUMITOMO MITSUI TR S/ADR (SUTNY)
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Source: BNN Bloomberg
Japan's second-biggest bank plans to start its Gujarat International Finance Tec-City branch likely in July with around 10 people, through a mix of hires and relocations, said Rajeev Kannan, the lender's co-head of Asia Pacific based in Singapore. The number could rise over time, he said. The bank's operation will begin with booking loans, but eventually may expand to include trade finance and global markets business, he said. “There is an opportunity to grow that, depending on how we see the growth of the market,” said Kannan, a corporate and investment banker who joined the lender in 1997. “In the future, it could become a much larger financial center,” he said. Prime Minister Narendra Modi, who is seeking to form a coalition government after a weaker than expected general election showing, has envisioned the special zone as a financial hub to rival offshore centers in Asia. GIFT City has rolled out a number of steps to increase its allure, offering exemptions from rules and ta
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