Indian CEO for Aussie bank's India ops

A leading Australian bank announced on Thursday Ravindra Parankushan as chief executive of its Indian operations, as the financial institution prepares to open its first branch in Mumbai next year.

Sydney-based Commonwealth Bank of Australia Ltd was preparing for the opening of its first branch in Mumbai in India next year, subject to the final regulatory milestones and approvals, the AAP was said as quoting from the bank's statement.

"Commonwealth Bank is seeing an increasing demand from our Australian customers for financial services in India," Parankushan said.

"Our new branch will initially focus on wholesale banking, remittances, trade finance and retail services, including banking products for non-resident Indians in Australia and New Zealand," he added.

CBA had opened a representative office in Bangalore in 2005 to better understand the Indian market, which will later be closed when the Mumbai branch opens.

Image: Commonwealth Bank of Australia