Maybank in discussions to open branch in India

NEW DELHI: Malaysia’s largest banking group, Malayan Banking Bhd (Maybank) is finalising negotiations with the authorities in India to open its own branch in the country to strengthen its position there.

Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed said currently, Maybank has been operating in India through its subsidiary, Bank Internasional Indonesia (BII) in Mumbai since 2013.

BII opened its first branch in India in 1995 but ceased operations in 2008 before returning to the republic in 2013.

“Maybank is now negotiating to establish a Malaysian branch directly in India, without having to go through BII,” he said at a press conference with Malaysian journalists here today.

Mustapa is in India to accompany Prime Minister Datuk Seri Najib Tun Razak to attend the Asean-India Commemorative Summit to be held on Jan 25-26.

Najib who is expected to arrive here at 8pm tonight will join other leaders of the Asean countries as the guest of honour in conjunction with India’s Republic Day celebration on Friday.  - Bernama