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`20-30 years later, Mumbai will be one of the five financial centres in the world'

MR MICHAEL SNYDER, Chairman, Policy & Resources Committee, City of London, at a press conference in Mumbai on Wednesday. — Paul Noronha

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Mumbai Feb. 21 The City of London Corporation, a provider of local financial and government services, on Wednesday announced the launch of its India Advisory Council whose members are Mr Mukesh Ambani (Chairman, Reliance Industries Ltd), Mr K.V. Kamath (CEO, ICICI Bank), Ms Naina Lal Kidwai (CEO, HSBC), Ms Zia Mody (Senior Partner, AZB and Partners), Mr Nasser Munjee (Chairman, Development Credit Bank) and Mr Deepak Parekh (Chairman, HDFC group).

The Council will meet twice a year, alternatively in Mumbai and London. "We believe that 20-30 years down the line, there will be five financial centres in the world, namely New York, London, Shanghai, Hong Kong and Mumbai. Therefore, India is going to be very important in such an evolving market," said Mr Michael Snyder, City of London's Policy Chairman.

Mr Snyder also announced the setting up of a Mumbai office. The aim of City of London's engagement with India is to help strengthen trading and investment links between India and the UK through provision of financial services and products. The liaison office will promote the services of the City to Indian public and private sector businesses, including the raising of capital, insurance, asset management, infrastructure finance and consultancy. It will also promote the UK as a destination for representation and investment and will support visits by Indian executives to the UK.

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