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Mumbai : The Commonwealth Bank of Australia opened its first Indian branch on Aug 25, becoming the first Australian bank to operate with a full banking licence in the country.
A company press release said the Mumbai branch will provide trade finance, remittance and foreign exchange to organisations that trade between Australia and India.
'By establishing a branch in Mumbai, the Bank is committed to facilitate economic, trade and payment flows. The full-fledged banking presence puts the Bank in a strong position to continue to explore growth opportunities in India,' Commonwealth Bank's group executive, international financial services, Simon Blair said.
He added that the Bank's growth plans for India over the medium term was to 'build a robust domestic commercial banking franchise and to build a platform for building its retail financial services presence in the country'.
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