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SHANGHAI: Union Bank of India opened a representative office in Shanghai on Friday in an attempt to capitalize on growing trade between Asia's two fast-growing economic powers.

The office marks the Mumbai-headquartered bank's first attempt at overseas expansion. It is the eighth Indian bank to set up shop in China.

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Trade between China and India has grown rapidly in the past five years, said M. V. Nair, chairman and managing director of the bank, which is majority owned by the Indian government.

Nair said the lender's banking expertise and technology can offset its late arrival in China.

Figures provided by the bank indicate that during the first nine months of 2006, India's imports from China grew by 60 percent, while exports grew 25 percent. The bilateral trade volume is expected to exceed $25 billion during 2006-07.

"Many Indian corporations have now opened shops in China, particularly in Shanghai. This is bound to further strengthen economic relations between the two enterprising nations," Nair said.

He also said there is growing awareness in Chinese business circles of opportunities available in India. Many Chinese companies are showing interest in establishing businesses in India.

Nair said the bank will work with the local banking and business communities to share expertise before providing regular services.

"Our representative office in China will provide the necessary consultancy assistance, research and market information and liaison for the business community in India and Shanghai in particular, and also in other parts of China," he said.

The bank intends to open several representative offices in China before converting them into branches, Nair said.

(China Daily 05/19/2007 page10)

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