Indian banks seek licences to operate in Australia

Posted on 15/04/2009  

A number of Indian banks are seeking to enter the Australian market. Bank of Baroda, Union Bank of India and Punjab National Bank have approached the Australian Prudential Regulation Authority to start operations in Australia. This comes a year after the Industrial and Commercial Bank of China, the world's largest bank, was granted a branch licence by the regulator and there is mounting speculation that a number of other Chinese banks want to set up businesses here.

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