Banca Monte dei Paschi di Siena opens up an office in India

Banca Monte dei Paschi di Siena is the world’s oldest bank and they have now stepped into India by opening a representative office here. The bank said that they aim at maintaining a prudent approach in expanding its reach and presence in India.

bank’s Head International Affairs, Mr. Primo Brioni said in a statement: “In the first phase we will open another representative office in New Delhi. Then in the second phase, which is few months’ away from now, we will report to our board of directors with the inputs of the Indian market and getting a nod from them we will s tart retail and corporate banking in India, replicating our operations in China.”

He further added: “The bank’s corporate strategy does not prevent acquiring stakes abroad if it promises opportunity. However, if we decide to go for acquiring stakes, we don’t buy minority stake. It’s always the majority stake. The year 2009 attracts us very much”.

The Reserve Bank of India is due to review its policies in 2009 when they would decide whether foreign banks could grab more than five per cent stake in a bank.

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