The Bank of Tokyo-Mitsubishi (BTM) and HSBC have entered into an agreement for the transfer of deposits of BTM's customers to HSBC as BTM has decided to close its branch in the city.
HSBC will also offer its banking products and services to BTM customers in Kolkata. This agreement, subject to regulatory approvals, will cover transfer of BTM's personal banking customers and commercial banking customers (SME segment) in Kolkata, the two banks said in a joint statement.
"BTM and HSBC have also entered into an arrangement whereby HSBC will offer its products and services to select institutional banking and trade finance customers of BTM's Kolkata branch," the release said.
Koichi Kayumi, general manager of the Kolkata branch of BTM, said, "The Bank of Tokyo Mitsubishi Ltd has been globally undergoing a process of strategic review. The bank has decided to close its Kolkata operations in India and transfer its deposits to HSBC. Our other branches in India -- Mumbai, New Delhi and Chennai -- will continue with their operations unaffected."
The post closure and transfer of deposits process is expected to be complete in about three months. BTM customers have been given a temporary number for information on the transition.
Zarir J Cama, chief executive officer of HSBC in India, said: "I am delighted that The Bank of Tokyo-Mitsubishi has reposed this trust in HSBC, giving us the opportunity to extend our services and offerings to a wider customer base in Kolkata."
BTM, as on March 2002, had a deposit base of approximately Rs 883 crore and asset base of approximately Rs 1,285 crore.
