ABN Amro may be first foreign bank to convert into arm.
Economic Times (New Delhi, India), March, 2005
Mar. 2--MUMBAI, India -- Dutch bank ABN Amro could emerge as the first to take advantage of the Reserve Bank of India's new norms on foreign banks' presence in India.
The bank is likely to convert its branch network in India into a wholly-owned subsidiary. ABN Amro is expected to take up the matter with the financial regulator soon.
Says Romesh Sobti, EVP & country representative, India, ABN Amro Bank, "There are definitely some tax advantages in a subsidiary. However, we need to see the obligation of subsidiaries in case of directed lending and in terms of opening new branches. Against these obligations, we would weigh the advantages of taxes and opening branches in unbanked areas."
The other advantage of a subsidiary is that a foreign...
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