KUALA LUMPUR: Maybank’s overseas unit Bank Internasional Indonesia (BII) on Wednesday commenced its Mumbai branch operations in India to tap the Indian and Asean market.
In a statement, Maybank said both the central banks of India and Indonesia namely Reserve Bank of India and Bank Indonesia have approved the operations of BII Mumbai.
President Datuk Khairussaleh Ramli said the branch aims to enhance BII and Maybank’s presence in the extended Asean region and would open up potential business for the group.
“Looking at the opportunity in the market, BII Mumbai’s operations will place significant focus on corporate and commercial banking segments and will actively participate in Buyers Credit and External Commercial Borrowings arrangement for Indian customers. Our aspiration is to have a strong position in Intra-ASEAN Trade Finance Bank.
“Today, with its solid fundamentals and financially better positioned combined with strong regional support from Maybank Group, BII is now ready to re-operate the Mumbai branch and capture the promising market. It will capture the new market and strengthen its position as part of a regional financial services group,” he said.
BII Mumbai Branch has an initial total assets of US$34mil (RM108.2mil) and is staffed by experienced teams as well as strong shareholders.