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Shinhan Bank Seeks Localization by Opening Branch in Pune, India
Banking Presence in India
Shinhan Bank Seeks Localization by Opening Branch in Pune, India
  • By matthew
  • December 23, 2014, 01:54
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Shinhan Bank's location and staff in Pune, India on opening day.
Shinhan Bank's location and staff in Pune, India on opening day.

 

Shinhan Bank announced on Dec. 22 that it opened a branch in Pune City in the state of Maharashtra, which is one of the premier industrial centers of India.

The city of Pune is situated 200km southeast of Mumbai, and nearly 10,000 multinational corporations, including manufacturers and subcontractors in the car, home appliance, and IT industries, are based in the city. Pune started emerging from the 1960s with major automobile companies and subcontractors such as Mahindra, Tata Motors, Mercedes-Benz, and General Motors. Also, domestic medium and large-sized companies like POSCO, LG Electronics, and Hyundai Heavy Industries have a presence in the region.

Shinhan Bank is the first domestic bank to advance into Mumbai in 1996. Also, it opened branches in New Delhi in 2006 and Vellore (Chennai) in 2010 with the goal of paving the way to compete with local and international banks in the region.

An official from the bank said, “We have secured the global networks of 70 branches in 16 countries by opening the branch in Pune. We will improve customer interaction services in order to meet the needs of the local market, according to a stage-by-stage process for localization in the Asia Financial Belt.”