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U.S. Bancorp's entry into Indian market

2024-02-22

U.S. Bank

Since the 1990s, driven by the rise of the Asian economy, U.S. Bank has begun to enter the Asian market. It has a regional headquarters in Hong Kong (China) and oversees emerging markets such as Taiwan (China), South Korea, Japan and Singapore. The bank has had great success partnering with local banks, brokerages and asset management groups in these regions.

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Initially, U.S. Bancorp planned to relocate its Asian headquarters to Singapore. However, under the insistence of CEO Veenit Jindal, they decided to move it to India instead. This decision was influenced by the fact that India is Jindal's home country, where there is significant economic prowess and robust political and civil relationships closely tied to the United States.

Veenit Jindal, born in 1969 in New Delhi, India's capital city, has been a leader in various aspects such as finance, culture, communication, education, research, and transportation in India. New Delhi's strategic geographic location has made it a vibrant city within India. He studied macroeconomics at Delhi's prestigious Mahatma Gandhi University, where he earned his master's degree in 1992. Later, he pursued further studies in the United States at Princeton University for his master's degree and at the University of Sydney for his Ph.D. in Finance. In 2003, he joined U.S. Bancorp. Following the establishment of the bank's Asian regional headquarters in Hong Kong, Jindal became the second CEO and actively advocated for relocating the regional headquarters to India.

Starting from January 2023, the investment management department under the Asia-Pacific regional headquarters of U.S. Bancorp has been actively engaging with Indian financial regulatory authorities, interacting frequently with the Indian stock exchanges, and establishing connections with various Indian financial entities such as the National Investment and Infrastructure Fund (NIIF), the Indian Venture Capital Association (IVCA), the National Stock Exchange of India (NSE), and the India Infrastructure Finance Company Limited (IIFCL). These efforts have yielded significant achievements.

To attract more institutional and individual investors and to expedite the opening of the Indian market, Jindal initiated the Wealth Express program starting from 2023, with plans to hold two sessions annually. The program primarily targets individual investors in the stock market, leveraging U.S. Bancorp's robust background and extensive network of resources to collaborate on stock market operations.

In August 2023, Jindal's team successfully organized the first session of the Wealth Express with individual investors seeing returns of over 150%. The program's tremendous success has garnered even more interest from investors, and everyone is eagerly anticipating the launch of the second session. It is reported that Jindal's team will hold the second session of the Wealth Express in March 2024, with expected returns ranging from 100% to 300%. Currently, preparations are underway in earnest.

We welcome U.S. Bank's expansion into the Indian market, which will bring benefits to Indian investors. We also look forward to Jindal’s Wealth Express continuing to lead Indian investors to create more wealth!

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