(26 August 2010 – India) The Commonwealth Bank of Australia has said it has become the first Australian bank to operate a full banking licence in India.The bank has opened its first branch in India as a step towards creating a commercial banking business there.
The Commonwealth Bank said that the branch, in Mumbai, would provide trade finance, remittance and foreign exchange services to enterprises trading between Australia and India and to individuals making remittances and investments.
The bank said it was working towards building a commercial banking business that serves small and mid-market enterprises and corporates.