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Australian bank Westpac opens first branch in India

Posted on Nov 15, 06:23PM | UNI

The largest institutional lender in Australia Westpac has announced the opening of its first branch here today.

Vikram Nimkar, Westpac India CEO of the bank. said, "Over the last five years we have developed a strong understanding of this market, leveraging our strength in natural resources, agri-businessand commodities sectors." Bilateral trade between India and Australia is expected to double to USD 40 billion by 2015.

The opening of the Mumbai branch is an important step in our growth strategy in Asia. As the number one institutional bank in Australia. "we are in a strong position to support our customers to grow in the region", Westpac Banking Corporation (Westpac) general manager for Asia Bala Swaminathan said.

The Mumbai branch will help 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 we have significant experience, Mr Bala said.

Westpac will offer wholesale and retail banking services, including trade finance, deposits, remittances, payments and receivables, savings and current accounts, forex and treasury services, a release said.