News story

UK and India launch financial partnership

This news article was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Making her first visit to India as the Economic Secretary to the Treasury, Andrea Leadsom MP made the announcement during a speech in Mumbai.

The Economic Secretary to the Treasury today (Friday 10 October) welcomed the launch of a new Financial Partnership between Britain and India, which will establish closer ties and deepen financial cooperation between London and Mumbai, two prominent financial centres.

Making her first visit to India as the Economic Secretary to the Treasury, Andrea Leadsom MP made this announcement during a speech in Mumbai. She met with key Indian financial policy makers and the leaders of both Indian and UK financial services firms.

Led by Mr Uday Kotak (Executive Vice Chairman and Managing Director of Kotak Mahindra Bank) from India and Sir Gerry Grimstone (Chairman of Standard Life and TheCityUK) from the UK, the UK–India Financial Partnership will examine key priorities across the UK and Indian financial services industries, and will make recommendations for deepening financial cooperation to the UK and Indian governments ahead of the next UK–India Economic and Financial Dialogue.

The Economic Secretary has also visited Singapore for the first time as a Treasury Minister this week, where she met with the Singaporean Ministry of Finance, senior regulators, and leading financial services firms to develop the financial and investment links between the UK and Singapore and promote the strengths of the UK as a global financial centre.

Economic Secretary to the Treasury, Andrea Leadsom said:

I am delighted to be able to announce the new UK – India Financial Partnership today.

Sharing our knowledge and expertise will open up new opportunities for our financial services industries and wider economies, and is a key part of our long term economic plan.

I look forward to working with Mr Uday Kotak and Sir Gerry Grimstone on this initiative and receiving their recommendations ahead of the next UK – India Economic and Financial Dialogue.

Sir Gerry Grimstone, Chairman of Standard Life and TheCityUK, said:

The new Modi Government in India opens up exciting opportunities for collaboration between Indian and UK firms to the mutual benefit of both countries.

We aim to come up with practical suggestions to help policymakers press forward with India’s ambitious reform programme.

Mr Uday Kotak, Executive Vice Chairman and Managing Director of Kotak Mahindra Bank, said:

With a new and strong leadership and improving macro-economic indicators in India, our financial sector is poised for sustained growth through the next decade.

In this context the opportunity to increase collaboration with UK financial sector creates significant prospects for both sides. I am excited to build this partnership with support from both governments, policy makers and practitioners.