Australia’s Commonwealth Bank opens first Indian branch in Mumbai

MELBOURNE - Australia’s second largest bank, the Commonwealth Bank of Australia (CBA), has opened its first branch in India’s financial capital Mumbai.

CBA said the Mumbai branch would provide trade finance, remittance and foreign exchange services to organisations trading between Australia and India, and to individuals making remittances and investments.

The branch would build a robust commercial banking business to serve small and mid-market enterprises and corporates, The Australian quoted the bank statement, as saying.

CBA said it is the only Australian bank to operate a full banking licence in India. (ANI)