(18 April 2012 – India) Westpac has received approval from the Reserve Bank of India for a foreign banking licence, allowing them to carry out rupee-denominated transactions.This will be the first branch for the Australian bank after operating a representative office in India for the last five years.
Yogan Rasanayakam, Westpac’s General Manager of Asia, has said that the Mumbai branch will primarily focus on working capital, foreign exchange and trade finance. Given that India is Australia’s fifth largest trading partner and fourth largest export market the new branch will strengthen ties between the important markets for Westpac’s customers.