Speaking to reporters on the sidelines of a function held in Chennai, Yogan Rasanayakam, general manager, Asia said Westpac and Standard Chartered, already having a business relationship, will service each other's clients in the respective countries.
Through this agreement, Westpac customers in India will be offered the bank's services by Standard Chartered while Standard Chartered's customers in India would be able to do their banking operations through Westpac, Yogan said.
"Standard Chartered will be our 'partner bank' in India. Westpac has a good base in Australia and New Zealand while Standard Chartered's operations in other regions, especially India, is wide.This agreement will help us work to each other's strengths in our regions," the GM said.
Westpac does not have a presence in India and setting up a presence in India through regulatory approval will take a long time."We would get a good chance to study the market here.Eventually, the idea would be to set up our own operations in India," Yogan said.
Over 30 corporate and institutional clients of Westpac are in India and over 20 institutional and corporate clients of Standard Chartered have a presence in Australia and New Zealand.
Earlier, Westpac handed over a cheque of AUS$4,00,000 for tsunami relief operations in Tamil Nadu to Jim Reif, CEO, Opportunity International, which has been active in tsunami relief operations in Tamil Nadu.
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