In an effort to better serve its customers who are increasingly setting up shop in India, SEB Group, one of northern Europe’s largest finance companies, is opening an office in the world’s second fastest growing major economy. The company, with assets under management of Swedish Krona 1,403 billion (Rs8.84 trillion) will be opening its office in India shortly.
“India’s importance as a base for our clients’ production and sourcing is increasing significantly, as evident in a number of companies from our home markets establishing operations there every month. New Delhi is the natural choice for SEB as the region holds the highest concentration of SEB clients, and as the capital city is home to embassies, government offices and other authorities,” Elisabeth Lennhede, SEB’s spokesperson said.
The company has already received approval from the Reserve Bank of India for opening a representative office and commencing operations, and has appointed Mizanur Khan as its chief representative.
“The representative office will facilitate cross-border business transactions between SEB’s home markets and India. SEB’s office in New Delhi will also have the responsibility to build relationships with government agencies and business groups in India, in addition to tending to local and home market clients,” Lennhede said.
SEB was formed in 1972 through a merger between Stockholms Enskilda Bank and Skandinaviska Enskilda Banken.
“The Indian financial sector holds significant market opportunity over the next five years across the spectrum due to the extremely fast growth rate of the economy. It is extremely important for the large global players to have an Indian footprint,” said Sanjay Aggarwal, national industry director, financial services, at accounting and consulting firm KPMG.
SEB’s move is also in keeping with its plans to have an early-mover advantage, with the Indian banking system expected to open up further to global companies in 2009.