Mumbai: Bank Internasional Indonesia has said it has commenced operations in India with the opening of a branch here on Wednesday.
The Indonesia-based bank is a subsidiary of the Maybank Group. The Mumbai branch will enhance both the bank as well as the Maybank Group's presence beyond the Asean region, it said.
With this, there are 47 foreign banks operating in India country now.
With trade flows between India and the Asean countries already touching USD 79 billion and expected to reach USD 100 billion by 2015, the branch will focus on trade finance to begin with and aims to offer a host of trade, forex and related banking products and services to domestic companies with business interests in the Asean region and vice versa.
For its initial operations, the Mumbai branch will serve customers by providing traditional banking products such as saving accounts, current accounts and loans, while the full range of services will begin by September.
Pravin Batra is the chief executive of the India franchise which is located in Lower Parel area here.
Bank Internasional Indonesia is one of the largest banks in Indonesia with 415 branches, and is present in most of the Asean markets. As of March 2013 it had customer deposits of 89.3 trillion Indonesian rupiah and 118.3 trillion Indonesian rupiah in assets.
First Published: Wednesday, July 10, 2013, 23:18