Australia-based Westpac Banking Corporation opened its first India branch in Mumbai on Thursday.
“The branch will support Australian customers and a growing number of Indian customers with trade and investment links to Australia and Asia,” the bank said in a statement.
Westpac has been present in the country through a representative office since 2007 and was awarded banking licence by the Reserve Bank of India in April.
“We are rated ‘AA-’ and have a strong financial footing,” Bala Swaminathan, General Manager, Asia, said outlining the strength of the bank.
Westpac will offer wholesale and retail banking services in India including trade finance, remittances, payments and receivables, savings and current account deposits, foreign exchange and treasury services predominantly in Indian rupees.
“The opening of our Mumbai branch is an important step in our growth strategy in Asia,” Swaminathan said.
Commonwealth Bank, National Australia Bank and ANZ Bank are the other banks from Australia which have a presence in India.