Maybank's BII Mumbai branch begins operations

Maybank's BII Mumbai branch begins operations
Business & Markets 2013
Written by Bernama
Wednesday, 10 July 2013 16:47

KUALA LUMPUR (July 10): Bank Internasional Indonesia (BII), one of Maybank Group's key overseas subsidiaries, today commenced its Mumbai branch operations in India.

BII President Director Datuk Khairussaleh Ramli said the branch aims to enhance BII and Maybank Group's presence in the extended Asean region, besides providing for their customers' banking needs in India.

"The operations of BII Mumbai will open up new potential business for BII. It is part of our strategic plans to strengthen our footprint in the Asian market, in line with the group's vision to become a regional financial services
leader by 2015," he said in a statement today.

BII Mumbai's operations will place significant focus on corporate and commercial banking segments and will actively participate in Buyers Credit (BC) and External Commercial Borrowings (ECBs) arrangement for Indian customers.

It will also provide a host of trade, foreign exchange and related banking products and services to Indian companies with business interests in the Asean region and vice versa.

Initially the branch, which first opened in 1995 but has been inactive since 2008, will provide basic banking products such as savings, current accounts and loans, with full-fledged banking products to be offered from September 2013.

BII Mumbai, with initial total assets of US$34 million, is located at One Indiabulls Centre, Tower 2B, Elphinstone Road (West).

Trade flows between India and Asean are expected to reach US$100 billion by 2015 from US$79 billion currently.