The wealthy Indian Hinduja family have renamed their mid-sized Amas Bank in Switzerland as Hinduja Bank (Switzerland).

“The change reflects the growing strength of the Hinduja name in global business, as well as the Group’s increased commitment to the bank in Switzerland. The bank has a strong balance sheet and steered clear of the financial crisis by focusing on prudent management and investment strategies,” chief executive Ivan Schouker, said in a statement.

The move demonstrates how India, along with other developing nations with growing numbers of wealthy families, are breaking into established western markets such as private banking.

“Hinduja Bank ( Switzerland) Ltd combines the solid traditions of Swiss banking with excellent links to the growing economies of South Asia and the Middle East. At a time when some other banks have been retrenching, we have been investing for the future by hiring new senior executives, creating a banking subsidiary in Dubai and acquiring 40 per cent of one of the oldest Indian stockbrokers, Paterson Securities Ltd,” Mr Schouker said.

Amas Bank ( Switzerland) Ltd was founded as a finance company in 1978 and became a Swiss regulated bank in 1994. Headquartered in Geneva, the Bank has developed its network in Switzerland with offices in Zurich, Lucerne, Basle and St Margrethen. Its global reach includes operations in Dubai, London, Paris, New York and Mauritius.

The bank’s services now include wealth management, trade finance services and corporate advisory.