CBA getting serious about India
(23 March 2005 – India) Commonwealth Bank chief executive David Murray said the bank was currently exploring India with a view to making a purchase at some stage.
Murray said CBA was discussing its strategy with the Reserve Bank of India and also had a team on the ground putting together a strategy that would involve taking a stake in a local bank.
Foreign banks are now allowed to take controlling stakes in certain privately owned banks in India and the RBI has increased the ceiling on foreign investment in the banking sector to 74 percent.
CBA has not given any timeline on when a stake in an Indian bank might be made. Murray said much depended on the bank’s discussions with India’s regulator.
Foreign banks are now allowed to take controlling stakes in certain privately owned banks in India and the RBI has increased the ceiling on foreign investment in the banking sector to 74 percent.
CBA has not given any timeline on when a stake in an Indian bank might be made. Murray said much depended on the bank’s discussions with India’s regulator.
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