Australia’s Westpac Banking Corp. has unveiled its first Indian branch in Mumbai. Since 2007, Westpac has a representative office in India and the bank secured banking licence from Reserve Bank of India in April 2012.
Westpac said, The branch will support Australian customers and a growing number of Indian customers with trade and investment links to Australia and Asia.
With this branch, Westpac will provide wholesale and retail banking services in India such as trade finance, remittances, payments and receivables, savings and current account deposits, foreign exchange and treasury services predominantly in Indian rupees.
Bala Swaminathan, General Manager of Westpac Banking Corp. for Asia, We are rated AA- and have a strong financial footing. The opening of our Mumbai branch is an important step in our growth strategy in Asia.