Reserve Bank of India Grants Banking Licence to Westpac
16 April 2012
Approval to Open Maiden Branch in Mumbai
Westpac announced today that it has received in-principle approval for a foreign banking licence to operate in India and to open its maiden branch in Mumbai.
Group Executive, Westpac Institutional Bank, Rob Whitfield said: "India is Australia’s fifth-largest trading partner and fourth-largest export market so it is a very important market for our customers.
“Extending our presence in India through our Mumbai branch will further position us to support our Australian customers with their trade and investment activities in India, and Indian customers with their increasing trade and investment flows with Australia,” he said.
“It will also help deepen trade and investment flows with one of our major strategic trading partners, particularly in the energy, natural resources and agri-business sectors where Westpac has extensive capabilities and is in a unique position to provide customers with insights,” Mr Whitfield said.
Westpac has operated in India since 2007 through its representative office.
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.
Customers are supported through Westpac branches and subsidiaries located in Australia, New Zealand, United States, United Kingdom and Asia.