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Foreign Banks in India

Foreign banks have brought latest banking practices and technology in India. They have made Indian Banking system more competitive and competent. Foreign banks in India always brought an explanation for prompting services to the customers. After the set up foreign banks in India, the banking sector in India also become competitive and accurative. Government has come up with a road map for expansion of foreign banks in India. During the first phase between March 2005 and March 2009, foreign banks may establish a presence by way of setting up a wholly owned subsidiary (WOS) or conversion of existing branches into a WOS.

The second phase will commence in April 2009 after a review of the experience gained after due consultation with all the stake holders in the banking sector. The review would examine issues concerning expansion of national treatment to WOS, dilution of stake and permitting acquisitions/mergers of any private sector banks in India by a foreign bank.

Major foreign banks in India are:

ABN-AMRO Bank: The history of ABN Amro Bank dates back to the year 1924, when King Williem I issued a Royal Decree declaring the establishment of the Nederlandsche Handel-Maatschappij. The NTS had been established with an aim to promote the trade between the Netherlands and the Dutch East Indies.

Abu Dhabi Commercial Bank Ltd.: Abu Dhabi Commercial Bank (ADCB) is one of the most prominent nationalized banks of the United Arab Emirates (UAE).

Three different banks are: The Khalij Commercial Bank, the Emirates Commercial Bank and the Federal Commercial Bank merged in the month of July 1985, leading to the incorporation of the Abu Dhabi Commercial Bank.

American Express Bank Ltd: American Express Company is a global financial services provider and its headquarter is located in New York, U.S. American Express had been established in the year 1850, and is well known all around the world for its dedicated Credit Card, Traveler's Cheque and Charge Card services.

BNP Paribas: BNP Paribas is one of the oldest banks in the continent of Europe, and the largest bank in the Eurozone, as reported by The Banker magazine. The bank is present in 87 countries with a 162,700-strong workforce offering its services to the bank.

Citibank: Citibank is one of the largest banks in the U.S., which is a part of the financial services company Citigroup. Citibank had been founded in the year 1812. Initially its name was City Bank of New York, which was later changed to First National City Bank of New York.

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