Westpac Asia general manager Bala Swaminathan was quoted by the Indian Express as saying, "Our Mumbai branch will help to deepen trade and investment flows with one of Australia’s major trading partners, particularly in the energy, natural resources and agri-business sectors in which Westpac has significant experience."
Reserve Bank of India (RBI) had granted a banking license to the Australian lender in April, which was trading through its representative office in the country, since 2007.
Its newly floated branch will deliver wholesale and retail banking services, such as trade finance, deposits, remittances, payments and receivables, savings and current account, foreign exchange and treasury services.
Founded in 1817, Westpac manages branches in Singapore, Shanghai, Beijing, Hong Kong, China and a representative office in Indonesia.
