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BBK receives nod to operate in India
- Bahrain: Monday, October 15 - 2012 at 01:27
The Bank of Bahrain and Kuwait (BBK) has said it has received the necessary approval by Indian regulators to become one of only eight foreign banks to be granted permission to expand into the subcontinent, Gulf Daily News has reported. The Manama-based firm is among international banks such as JPMorgan Chase, Morgan Stanley and Citibank to receive a licence. "Many new entrants in the international banking arena are vying with each other for a space in India," BBK India general manager and chief executive V Sankaran told the daily. "Penetration of banks per citizen is still very low in India and hence a branch licence is important to a foreign bank in particular."
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