FirstRand enters into retail, commercial banking in India

The South African lender, which has partnered with Reliance Mutual fund for online sales along with Bajaj and Aditya Birla in the insurance segments also plans to offer loan against gold after July

Mumbai: South Africa-based financial services group, FirstRand Bank said it has entered into retail and commercial banking operations in India by opening of a branch in the city, reports PTI.

The bank has its presence in the country for last three years and deals in investment and corporate banking space.

“We are excited to start retail and commercial banking in India, which represents the first new market outside of Africa for these operations. We see India as an exciting business opportunity and this expansion is key to our long-term growth strategy,” chief executive officer of FirstRand Ltd, Sizwe Nxasana told reporters here.

He also said that the branch would help in facilitating greater economic, trade and investment flows between two countries. The bank is also hopeful of introducing some of the technology based products in the country in the near future.

“We see much potential in India and think it is an excellent market to activate the technology we have in South Africa which can find applications in this market,” chief executive officer and country head of FirstRand Bank India, Mahendran Moodley said.

The bank will also tie up with various partners in the country to provide portfolio of products in the country.

“We will be using outside partners. If we don't have mortgage then we have someone else giving it. If I don't have vehicle finance, I will tie-up with someone else for that.

There are certain products that we don't want to get into initially and we will use partners to collaborate,” chief executive officer (commercial and retail banking) of FirstRand Bank, Bobby Madhav said.

He further said that the bank plans to offer loan against gold after July. As of now, the bank has tied up with Reliance Mutual fund for online sales along with Bajaj and Aditya Birla in the insurance segments. Taking about increasing its footprint in other regions of the country, Mr Madhav said the bank will initially concentrate in Maharashtra before entering into other markets.

“The goal is to get the business up and running in Maharashtra. Then we will look at another state with hub and spoke and smaller branches. We will take it to north and then come to the South later. Maharashtra itself is double the size of South Africa. If you can master this then it gives us a real good recipe for the rest of the country,” Mr Madhav said adding that the bank is waiting for approval from the RBI to open five branches in the country.

User

India tops consumer confidence in Asia: Survey

At 81.2 India was the most optimistic nation in Asia in consumer confidence, the survey said

Dubai: India has been ranked as the most optimistic nation in Asia in a global consumer confidence survey, reports PTI.

At 81.2, in an index which is calculated with zero as the most pessimistic 100 as the most optimistic, India was the leader of the pack in Asia, said MasterCard Worldwide Index of Consumer Confidence.

The index is based on a survey which measures consumer confidence on prevailing expectations in the market over the next six months, based on indicators such a economic growth, employment, stock market, regular income and quality of life.

It involved 12,915 respondents in 25 countries and recorded a three-point rise in Middle East consumer confidence from the previous six month period, bringing the index to (85.7), significantly higher than Africa (73.8) and Asia Pacific (52.1).

Nigeria (96.4) retained the top spot in Africa, followed by Morocco (87.2), and said the survey carried out between December 5, 2011 and February 8, 2012.

In the Middle East, Qatar and Oman topped the index with a remarkable score (93.6); followed closely by Egypt (88.3), Kuwait (88.3), Saudi Arabia (83.9) and the UAE (82.1).

User

Indian market trends

The Sensex fell 2% and the Nifty fell 3% in the fortnight. The ML Large-cap Index, ML Mega-cap...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)