Commonwealth Bank of Australia opens its first Indian branch in Mumbai
25 August 2010: Commonwealth Bank of Australia (the Bank) has opened its first Indian branch in Mumbai, and is the only Australian bank to operate a full-Indian banking licence.
The Mumbai branch provides trade finance, remittance and foreign exchange to organisations that trade between Australia and India.
In addition, the branch brings to India Commonwealth Bank’s global expertise in financing infrastructure and resources businesses. Leveraging these relationships, the branch seeks to build a robust domestic commercial banking business that will serve small and mid-market enterprises and corporates.
The Mumbai branch will also serve Commonwealth Banks’ Non-resident Indian client base for their remittance and investment needs in India, while exploring ways to serve financial inclusion objectives in the country.
Simon Blair, Commonwealth Bank Group Executive, International Financial Services outlined the overall strategic focus of the Bank’s move into India:
“As India continues to develop as an important strategic partner with Australia, the Bank is experiencing an increasing demand for financial services in India.
“By establishing a branch in Mumbai, the Bank is committed to facilitate economic, trade and payment flows. The full-fledged banking presence puts the Bank in a strong position to continue to explore growth opportunities in India.
“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,” Mr Blair said.
Mumbai is an important economic centre with a population of approximately 14 million, while India’s total GDP growth rate is expected to be 8.5 per cent in 2010.
Commonwealth Bank’s India presence is headed by Ravi Kushan who is Chief Executive Officer - India. Mr Kushan is supported by an experienced local team.
The Mumbai branch is located at Level 2, Hoechst House, Nariman Point, Mumbai.
For further information regarding our capabilities in India, please contact firstname.lastname@example.org.
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About the Commonwealth Bank of Australia
The Commonwealth Bank (the Group) is Australia’s leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and share broking products and services. The Group is one of the largest listed companies on the Australian Stock Exchange and is included in the Morgan Stanley Capital Global Index.
The Commonwealth Bank Group provides a full range of retail banking services including home loans, credit cards, personal loans, transaction accounts, and demand and term deposits through its Commonwealth Bank and Bankwest brands. The Group has leading domestic market shares in home loans, personal loans, retail deposits and discount stockbroking, and is one of Australia's largest credit card issuers. The Group also offers a full range of commercial products including business loans, equipment and trade finance, and rural and agribusiness products.
The Group serves corporations, government entities and other major institutions operating in Australasia. Corporate customers have access to financial markets services, securities underwriting, trading and distribution, corporate finance, equities, payments and transaction services, investment management and custody services.
Also, it has a growing international presence through:
- Retail banks in New Zealand (ASB) and Indonesia (Commonwealth Bank Indonesia)
- Banking investments in China (20 per cent in both Qilu Bank and Bank of Hangzhou) and Vietnam (15 per cent in VIB)
- Life insurance operations in New Zealand (Sovereign), Indonesia (Commonwealth Life) and a joint venture in China (BoCommLife)
- Banking branches in London, New York, Tokyo, Hong Kong, Shanghai, Singapore, Auckland, Ho Chi Minh City and Mumbai
- Representative offices in Beijing and Hanoi