The Hindu : Business : U.K. Chancellor interacts with bank chiefs

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Saturday, Jan 20, 2007
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U.K. Chancellor interacts with bank chiefs

City of London Corporation to open a branch in Mumbai

— PHOTO: PAUL NORONHA

OPEN DOORS: Gordon Brown (right), British Chancellor of the Exchequer, with K. V. Kamath, Managing Director and CEO, ICICI Bank, during a meeting with financial institutions at the ICICI headquarters in Mumbai on Friday.

MUMBAI: Britain's Chancellor of the Exchequer Gordon Brown met the chiefs of the banking sector here on Friday in a bid to enhance cooperation between financial institutions of the two countries.

K. V. Kamath, chief of ICICI Bank, Ravi Narain, Managing Director of National Stock Exchange, and Naina Lal Kidwai, CEO of HSBC India, were among others who attended the meeting.

Mr. Brown, who is all set to take over from Prime Minister Tony Blair soon, invited Indian companies to come to Britain. He further announced that the City of London Corporation would soon open a branch in Mumbai.

The corporation facilitates contacts and business between the banking and financial institutions in Britain and India.

India and the U.K. have agreed to open up the banking sector, with India asking for more licences for Indian banks to operate in Britain.

Mr. Brown, who is in India as the head of a 150-company business delegation, had earlier welcomed a Central Government's planned proposal to raise the foreign direct investment (FDI) limit in the insurance sector to 49 per cent from the current 26 per cent. — ANI

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