Bank Internasional Indonesia or BII launched its banking operations in the country. It set up a branch in Mumbai on Wednesday. The bank, headquartered in Indonesia, is a subsidiary of the Maybank Group.
"BII India is all geared up to enter the Indian market and emerge as a dominant Intra-ASEAN Trade Finance Bank,'' Pravin Batra, CEO of BII's India operations.
Trade flow between India and the ASEAN countries is at US$ 79 billion and expected to reach $100 billion by 2015. The bank is aiming at capitalising on the trade flow business.
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