Westpac
Banking Corp and Sumitomo Mitsui Banking Corp are the two latest
foreign lenders to get RBI nod for banking operations in India.
Westpac’s Asia operations are headed by Bala Swaminathan, a veteran with
stints at a number of banks in India. It has big plans for Asia and
aims to grow its balance sheet in the region. Sumitomo Mitsui had
earlier picked up a 4.5% stake in Kotak Bank and had entered into an
investment banking tie-up with the private lender. In 2012, China’s
ICBC, National Australia Bank and Korea’s Woori Bank were allowed to set
shop in India. Although RBI has been hinting at mandatory
subsidiarization for multinational banks, foreign lenders are confident
that this will be limited to banks with a wide branch network.
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