State Bank of India (SBI) to Amsterdam
The City of Amsterdam has announced the State Bank of India’s intention to open an office in Amsterdam. SBI will be the first Indian bank to open a branch in the Netherlands.
India's banking giant
The State Bank of India is the largest bank in India with over 200,000 employees and branches in 32 countries.
Negotiations have been underway for quite a while according to the Dutch newspaper the Financieele Dagblad.
The establishment of the SBI would be a valuable addition to the increasing number of Indian firms that have already opened offices in the Amsterdam Area. This number has increased fivefold in the last five years.
The Amsterdam Area acts as a magnet for Indian firms; the Indian community is the fastest growing foreign business community. Due to its strategic location and excellent infrastructure, the Amsterdam Area offers the perfect base to access the European market.
Cost efficiency
Amsterdam is an attractive location for Indian companies in terms of labour costs. It has the lowest social contribution (12.5%) paid by the employer in Western Europe.
The Netherlands’ labour costs and performance incentives, in comparison to those of the UK, Belgium and Germany, are enticing, according to a competitiveness benchmark published by Ernst & Young International Location Advisory Services.
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