IBEF: October 03, 2019
The State Bank of India opened its Melbourne office, becoming the first Indian bank to have a branch in the Australian state of Victoria.
According to the press release, the Melbourne office will contribute in growing the trade and investment relations between India and Victoria. This comes as the outcome of 10-year India strategy.
Victoria's parliamentary secretary to the treasurer, Steve Dimopoulos, said, "We are delighted to welcome the State Bank of India to Victoria – the first Indian bank to set up operations in our state."
He further added, "This investment by India's largest commercial bank is a testament to our thriving financial services sector and our highly skilled workforce."
According to official figures, the two-way merchandise trade between Victoria and India was to the tune of 1.76 billion Australian dollars in 2018.
Mr. Dinesh Kumar Khara, SBI Managing Director said "It is a great privilege to have our presence in the vibrant and business-friendly city of Melbourne. I am confident that our footprint in Melbourne will further strengthen the relationship between the two countries."
Victoria already has the presence of leading Indian businesses, including Cipla, Cyient, HCL, Infosys, Ramco, Samvardhana Motherson Group, TCS, Tech Mahindra, Ugam Solutions, Wipro Zoonga and Zomato.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.