Westpac opens Mumbai, India branch
15 November 2012
Westpac today announced that it has opened its maiden branch in India. The branch will support Australian customers and a growing number of Indian customers with trade and investment links to Australia.
Chief Executive, Westpac Institutional Bank, Rob Whitfield said: "We have made very strong progress in executing our strategy in Asia and the opening of our Mumbai branch represents the next key step in that strategy.”
India is currently Australia’s fifth-largest trading partner and fourth-largest export market with bilateral trade expected to double to AUD$40bn by 2015.
“As the number one institutional bank in Australasia, we are well placed to support our customers’ growth in the region and to assist our Asian customers with an interest in Australia and New Zealand,” Mr Whitfield said.
Westpac has operated in India through its representative office since 2007 and was awarded a foreign banking licence by the Reserve Bank of India in April.
Westpac General Manager, Asia, Bala Swaminathan said: “Our Mumbai branch will help deepen trade and investment flows with one of Australia’s major trading partners, particularly in the energy, natural resources and agribusiness sectors in which Westpac has significant expertise.”
“We have a detailed understanding of the Indian market and have built strong relationships with our target customer base; supporting their needs in Australia and New Zealand,” he said.
Westpac will offer wholesale and retail banking services in India including trade finance, deposits, remittances, payments and receivables, savings and current account, foreign exchange and treasury services predominantly in Indian Rupee.
Westpac has branches in Singapore, Shanghai, Beijing, Hong Kong, a representative office in Jakarta and was the first Australian bank to open an office in China in 1986.
Westpac Banking Corporation (Westpac) was founded in 1817 and was the first bank established in Australia. Today, the Westpac Group has branches and controlled entities throughout Australia, New Zealand and the near Pacific region and maintains offices in key financial centres around the world including London, New York, Hong Kong and Singapore.
Westpac Group employs approximately 37,000 people and has three key customer facing divisions through which we serve around 12 million customers.
About Westpac Institutional Bank
Westpac Institutional Bank (WIB) delivers a broad range of financial services to commercial, corporate, institutional and government customers with connections to Australia and New Zealand.
WIB operates through dedicated industry relationship and specialist product teams with expert knowledge in transactional banking, financial and debt capital markets, specialised capital, and alternative investment solutions.