A group of foreign banks have applied to the Reserve Bank of India to start operations across the sub-continent. The Indian economy is growing at a sustained eight per cent a year which offers considerable potential new business for leading international institutions. Among the potential new entrants are: the Royal Bank of Canada (RBC), the Royal Bank of Scotland (RBS) and UBS. Some international banks already established in India such as Societe Generale, Deutsche Bank and Barclays are looking to expand their existing operations. Commonwealth Bank of Australia, Monte Dei Paschi Di Siena and Banche Popolari Unite of Italy, BBVA of Spain and Zurcher Kantonalbank of Switzerland have set up their representative offices in India. RBS has already appointed Madan Menon, earlier the co-CEO Barclays Capital India, to head its India operations. The bank is planning to introduce corporate and investment banking, and is reported to be evaluating the prospects for Coutts Bank. Other banks which are looking at a presence in the country includes United Overseas Bank, Singapore; Banca Popolare di Vicenza, Italy; Landesbank Hessen-Thuringen Girozentrale, Germany and Svenska Handelsbanken, Sweden.