Jul 26, 2013
July 10th 2013 - Bank Internasional Indonesia (BII), one of Maybank Group’s key overseas subsidiaries, today commenced its Mumbai Branch operations in India to tap significant business potentials between India and the ASEAN region.
Both the central banks of India and Indonesia namely Reserve Bank of India and Bank Indonesia have approved the operations of BII Mumbai.
President Director of BII, Dato’ Khairussaleh Ramli, in a statement said, the branch aims to enhance BII and Maybank Group’s presence in the extended ASEAN region, besides providing customers for their banking needs in India.
“The operations of BII Mumbai will open up new potential business for BII as India is considered one of the fastest growing economies in Asia and the world. BII Mumbai Branch operations is in line with the Group’s mission of humanising financial services across Asia. It is also 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 added.
“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 (BC) and External Commercial Borrowings (ECBs) arrangement for Indian customers. Our aspiration is to have a strong position in Intra-ASEAN Trade Finance Bank,” said Khairusalleh.
Trade flows between India and the ASEAN countries which now stand at US$ 79 billion, are expected to reach US$ 100 billion by 2015.
BII Mumbai operations will 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. It will also cater to Maybank Group’s customers and their business partners who require banking services in India.
Initially, BII Mumbai Branch will provide basic banking products such as savings, current accounts and loans, while full fledge banking products will be offered beginning September 2013. The branch was first opened in November 1995, and has been inactive since 2008.
“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,” concluded Khairussaleh.
Located at One Indiabulls Center, Tower 2B, Elphinstone Road (West), BII Mumbai Branch has an initial total assets of US$ 34 million and is staffed by experienced teams as well as strong shareholders.
Re-disseminated by The Asian Banker