HSH Nordbank to open a Representative Office in Mumbai
Mumbai, January 22, 2008 - HSH Nordbank AG received approval from the Reserve Bank of India, the Indian banking regulatory authority, for establishing a Representative office in Mumbai.
“Entering the attractive but competitive Indian market, HSH Nordbank is leveraging its expertise in the transportation sector, covering shipping, aviation, rolling stock, logistics, transport-related infrastructure and energy”, said Peter Rieck, Deputy Chairman of HSH Nordbank.
Over the last four years, India’s growth record, with an average GDP growth rate of 8.6 %, has been second only to China. Indian aviation and shipping markets have been among the fastest to expand. The liberalization of the aviation market unleashed a huge surge in air traffic. With a market for commercial aircraft estimated at more than USD 120 billion up to 2025, it ranks among the largest globally. Benefiting from India’s increasing integration in the world economy, Indian shipping companies were among the fastest to add new tonnage. In shipbuilding, the country has the potential to be among the new Asian players besides the established ones such as South Korea, Japan and China.
To maintain its current high growth momentum, Indian infrastructure and energy supply has to keep pace with demand. With oil prices staying close to record high levels, India being an energy importer on a huge scale and environmental issues becoming more of a concern in the medium term, sizeable investments are anticipated in the renewable energy sector “With HSH Nordbank being among the leading financiers for renewable energy projects, we see significant potential in the Indian energy market”, said Peter Rieck. To consolidate its long-standing expertise in energy financings, the bank has set up a new business unit specialized in energy projects.
In its core sectors Shipping, Aviation and Commodities, HSH Nordbank already has an established client base in India. Recently, the bank received an award for the “Aircraft Finance Deal of the Year – Asia” for arranging a financing of 10 Airbus A-320s for Air India.
“With the Indian foothold, HSH Nordbank strengthens its regional presence in Asia further”, said Christoph Rommel, HSH Nordbank’s Regional Head Asia Pacific. The bank is currently operating out of its regional hub in Singapore with branches in Shanghai, Hong Kong and a Representative office in Hanoi. The Mumbai office, under the management of its Chief Representative Ms. Sujata Dabholkar, will serve to enhance the bank’s interests in the Indian market.
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