FirstRand to open India retail bank

South Africa's FirstRand plans to start a retail banking business in India in December, the Business Day newspaper said on Tuesday.

FirstRand, South Africa's second-largest bank, already has a full commercial banking licence in India, and a presence in Mumbai. It will become the first African lender to start retail banking in the Asian country, the newspaper said.

"India's gross domestic product grew 7.5% in the second quarter of this year and is expected to maintain growth at similar levels for decades to come. Compared with South Africa's long-run economic growth rate of about 3.5%, it is apparent why India is a really attractive market for us," Michael Jordaan, chief executive of FirstRand's retail arm, was quoted as saying.

Source: Business Standard