Australia's Westpac opens its first branch in Mumbai

Bank to offer range of wholesale & retail banking services through facility in Mumbai

Australia’s Westpac Bank opened its first branch in India today. The branch is located in Mumbai and  will support Australian and Indian customers with trade and investment links into Australia and Asia.

Westpac will offer wholesale and retail banking services in India including trade finance, deposits, remittances, payments and receivables, savings and current account, foreign exchange and treasury services in Indian rupee.

India is currently Australia’s fifth-largest trading partner and fourth-largest export market with bilateral trade expected to double to Australian $40 billion by 2015. Westpac has operated in India through its representative office since 2007 and was awarded a banking licence by the Reserve Bank of India in April.

"Our Mumbai branch will help to 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 Westpac has significant experience,” says  Bala Swaminathan,  General Manager at Westpac.

Westpac has branches in Singapore, Shanghai, Beijing, Hong Kong, a representative office in Jakarta and was the first Australian bank to open an office in China in 1986.