MUMBAI: Bank Internasional Indonesia (BII), a member of the Maybank Group, aims to tap the growing trade and investment flows between India and Asean as well as China through its branch here, its first in India.
The branch would support both the group's Asean customers into India as well as building local businesses around their Indian counterparts and partners.
"The entry of BII here is a key step in supporting Maybank's vision of becoming a regional financial services leader by 2015," said Maybank Group president and chief executive officer, Datuk Abdul Farid Alias.
BII Mumbai intended to become a significant trade finance bank, especially in the palm oil and thermal coal industry, as well as capture foreign exchange and remittance flows between India and the rest of the group's network, he said.
"There are vast potentials here for the group amid the growing trade flows between India and Asean which stood at US$76 billion in financial year 2012/13 (FY12/13) compared with about US$21 billion five years ago," he said at the launch of the branch at Indiabulls Centre here today.
Also present were BII's president director-designate, Taswin Zakaria, BII's Global banking director, Frans Rahardja Alimhamzah and BII India's chief executive officer, Pravin Batra.
Trade flows between India and Asean are expected to touch US$100 billion by 2015 and US$200 billion by 2022.
"In addition, we see opportunities to tap the trade flows between India and China, where we have three branches in Beijing, Shanghai and Hong Kong," said Abdul Farid.
India-China trade flows are valued at some US$66 billion in FY2012/13.
"We also have the advantage of having another subsidiary, Kim Eng Securities India, here and our intention is to work in conjunction with them to offer a one-stop shop convenience for all India-related requirements of Maybank Group customers," he said.
BII Mumbai, which has a capital base of US$28 million, opened for business in July this year and has a staff of 18.
BII is headquartered in Indonesia while Malaysian-listed Maybank is South-East Asia's fourth largest bank by assets and ranked one of the top 20 strongest banks in the world by Bloomberg Markets.
Maybank Group has presence in all 10 Asean countries. The group offers global connectivity through its offices in London, New York and Bharain, as well as through the Maybank Kim-Eng platform that spans North and South Asia as well as key financial services hubs.-- Bernama