New India-UK financial services deal announced

The UK-India Financial Partnership will examine key priorities across the UK and India financial services.

Leasom said: “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.”

The partnership, it is hoped, will “deepen economic ties” between London and Mumbai, one of the financial centres of India (and, indeed, the other: of Europe)

Financial services are underdeveloped in India, which has traditionally focused on manufacturing, especially textiles.

Mr Uday Kotak, executive vice chairman and managing director of private bank Kotak Mahindra, 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.”

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