Aussie bank opens first branch in Mumbai

Commonwealth Bank of Australia on Wednesday opened its first Indian branch in Mumbai and became the only Australian bank to operate a full Indian banking licence.

The Mumbai branch would provide trade finance, remittance and foreign exchange to organisations that trade between Australia and India, Commonwealth Bank of Australia (CBA) said in a statement.

In addition, the branch brings to India Commonwealth Bank's global expertise in financing infrastructure and resources businesses, it said.

Leveraging these relationships, the branch seeks to build a robust domestic commercial banking business that will serve small and mid-market enterprises and corporates, it added.

Commenting on the development, Commonwealth Bank Group Executive, International Financial Services, Simon Blair said, "The bank's growth plans for India over the medium term is to build a robust domestic commercial banking franchise and to build a platform for building its retail financial services presence in the country."