Bank Internasional Indonesia has commenced operations in India with the opening of a branch in Mumbai on Wednesday.
The Indonesia-based bank is a subsidiary of the Maybank Group. The Mumbai branch is expected to enhance Maybank Group’s presence beyond the Asean region.
There are now 47 foreign banks operating in the country now. The branch is to focus on trade finance initially and would then offer 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 would be offered by September.
Pravin Batra is the chief executive of the India franchise which is located in Lower Parel in Mumbai.