Santander UK plc and YES BANK, India’s fourth largest private sector bank, today announced that they have signed a memorandum of understanding to help boost UK-India trade and local business networking opportunities.
Through the new partnership, Santander will be able to offer its clients access to banking facilities and local support in India through YES BANK’s network, while YES BANK’s customers will gain access to the range of financial and practical support that Santander offers businesses looking to trade internationally.
The new arrangement is one of a series that Santander has in place around the world to help boost international trade links. It further supports its ambition to work in partnership with UK businesses to help them achieve their ambitions and expand into new markets. As well as being able to support businesses locally through a network of Corporate Business Centres and specialists in the UK, the bank has a strong international presence thanks to its extensive global network in 10 major markets and more than 12,000 branches worldwide and a network of international alliance partners. To help boost trade across the globe, Santander has an International Desk in each of the markets it operates in, dedicated to helping customers who want to grow their business overseas.
India is fast becoming a key export market for UK businesses. Eight out of 12 UK regions saw an increase in exports to India, with Scotland experiencing the largest growth(1) at 165%, closely followed by Northern Ireland at 96.5% and strong growth was also seen in the North East, South East and East Midlands.
YES BANK has built significant expertise as a ‘preferred host country bank’ for Multinational Corporations seeking to do business in India. YES BANK has a pan-India footprint, with over 1,000 branches across all 29 states and seven Union Territories of India. The Bank follows a differentiated Knowledge Banking approach, thereby offering customised, sector specific solutions to corporates across sunrise sectors like Food & Agribusiness, Renewable Energy, Life Sciences, Urban Infrastructure, Tourism, Media & Entertainment Education among others.
John Carroll, Head of Product Management & International Business, Santander said “YES BANK stands out in the Indian market offering a unique combination of local expertise, client focused solutions and a tailored sectoral approach. This is twinned with a shared belief in the power of both partnership and connectivity to activate trade.
“We chose YES BANK because we have similar approaches to connectivity. With their knowledge-driven banking, they too believe in the value of a sector-focused approach. In India, they are organised intentionally to support the needs of international clients. They have a dedicated team based across the country; the largest team of its sort in India.”
Rana Kapoor, Founder & CEO, YES BANK said: “India and the UK have built a significant economic partnership over the last two decades and the UK remains a preferred destination for Indian companies with global aspirations.
“As a global banking leader, Santander Group’s large international network along with knowledge expertise, makes it a natural partner of choice for Indian companies looking to globalise.
“YES BANK is delighted to partner Santander UK for further strengthening UK-India relations and serving as the preferred host country bank for Santander’s clients seeking to create a strong foothold in India.”