The Italian Almanac
Italian News - April 30
Italian bank Banca Popolare di Vicenza (BPV) on Saturday opened its first representative office in India to provide financial services to Italian firms keen to do business here. The bank has corresponding relationship with all other India banks dealing in export and import trade.
Inaugurating the New Delhi office, Bank's chairman Gianni Zonin said, "The representative office will provide direct assistance to Italian entrepreneurs, who want to have business ties with India." He said the bank would also offer assistance to Indian entrepreneurs, who would like to have business links with Italy.
The bank has chosen Delhi for its first office as it has a large clientele base in automotive, textile, food and agro processing business in Italy. The New Delhi office is the third such office of the bank as it has two representative offices in Honk Kong and Shanghai in China.
Besides the local requirement, the Delhi office will manage the bank's business relationships with Pakistan, Afghanistan, Myanmar and Bhutan.
Established in 1886, the BPVI Group, which includes two other Italian banks Cassa di Risparmio di Prato in Tuscany and Banca Nuova in Sicily, is the 18th largest banking group in Italy in terms of consolidated total assets. Even though concentrated in the North-Easter part of Italy, it operates all over the country with 540 branches. BVI Group made a net profit of 125.8 million Euro in 2005.