Australia-based Westpac has opened its first branch in India in Mumbai that will offer retail and wholesale banking services.
Westpac’s first branch India will offer savings and current accounts, foreign exchange and treasury services. It will also include trade finance, deposits and remittance services.
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The new branch will "support Australian customers and a growing number of Indian customers with trade and investment links to Australia and Asia", Westpac said in a statement.
Bala Swaminathan, general manager, Westpac Asia, said the lender is rated ‘AA-‘ in the region and have "a strong financial footing".
"The opening of our Mumbai branch is an important step in our growth strategy in Asia," Swaminathan said.
Westpac, the third largest bank in Australia by assets, has been present in India through a representative office since 2007 and was awarded banking licence by the Reserve Bank of India in April 2012.
The other members of the Australian big four banks, Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and ANZ also have a presence in India.
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