Austrade media release 3 December 2009
Mumbai-based Union Bank of India will open its first Australian office in Sydney today.
Austrade’s Global Manager for Financial Services, Gary Johnston, said the move highlights the quality and strength of the opportunities offered by Australia’s financial services sector.
“Together with an open, transparent, best practice regulatory environment, favourable changes in taxation system and skilled multilingual financial professionals, makes Australia an attractive destination for investment.
“Australia’s financial sector has fared better than most during the Global Financial Crisis (GFC), with four Australian banks among the world’s nine AA-rated large banking groups.
“The size, depth and liquidity of Australia’s financial markets and the sophisticated nature of the funds management sector, which is underpinned by our mandatory retirement income policy, are major draw cards,” Mr Johnston said.
At $A1.2 trillion, Australia's total contestable investment fund assets pool is also the fourth largest in the world and since 1994 this sector has experienced a compound annual growth rate of 10 per cent.
“The World Economic Forum’s (WEF) Financial Development Report 2009 ranked Australia 2nd among 55 of the world’s leading financial systems and capital markets, ahead of the US, Singapore and Hong Kong.
Austrade’s New Delhi-based Senior Trade Commissioner for South Asia, Peter Linford said these factors explain why there is growing interest in Australia from Indian companies.
“India is a part of the great Asian growth story. It has emerged relatively unscathed from the global financial crisis and actively looking to invest in overseas markets,” Mr Linford said.
“India is Australia’s eighth largest two-way trading partner and there are many more opportunities for trade and investment still to be tapped.
“Total two-way trade between Australia and India increased by 55 per cent in 2008-09 to $21.7 billion, making India our fastest growing major two-way trading partner," Mr Linford said.
Mr Linford said the increasing trade and investment activity between India and Australia was underscored by the recent announcement by Trade Minister, Simon Crean, that three existing Austrade branches in India would be expanded and a further five Austrade offices will be opened.
The Union Bank of India, founded by Mahatma Gandhi in 1919 with a branch network of more than 2700, joins the State Bank of India which has already opened a branch and Bank of Baroda which recently gained approval to operate in Australia.
Austrade and the NSW Government have worked together to assist the bank’s entry into the Australian market.
Union Bank of India will be located at Suite 2, Level 4, 275 George St, Sydney.
ENDS Media contact Sarkis Khoury, Senior Media Adviser, Ph: 02 9390-2118, Mobile: 0414 401 072
For further news and information from the Australian Trade Commission (Austrade) visit www.austrade.gov.au/mediacentre.
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