Victoria’s relationship with India continues to deepen, with India’s largest commercial bank becoming the first Indian bank to establish an office in Victoria.
Parliamentary Secretary to the Treasurer Steve Dimopoulos today joined Indian government representatives to mark the official opening of State Bank of India’s first Victorian office at 420 Collins St, Melbourne.
Headquartered in Mumbai, SBI is India’s largest commercial bank, with more than 450 million customers and almost a quarter of the market share for deposits and advances.
The Melbourne office will support the important trade and investment relationship between Victoria and India, with two-way merchandise trade worth $1.76 billion in 2018 alone.
Attracting an Indian bank to Victoria also fulfills one of the key outcomes of the Andrews Labor Government’s 10-year India Strategy – Our Shared Future.
The strategy was launched last year to drive engagement across various priority sectors, including education, sport, technology and health.
Already, the strategy has led to increased Indian investment in Victoria’s technology sector and growing relationships with key states, including Karnataka, Telangana and Tamil Nadu.
Victoria is home to world leading Indian businesses including Cipla, Cyient, HCL, Infosys, L&T Technology Services, Ramco, Samvardhana Motherson Group, TCS, Tech Mahindra, Ugam Solutions, Wipro, Zoonga and Zomato.
Victoria’s financial sector employs more than 122,000 people and generates $40 billion each year for the state’s economy.
Two of Australia’s global big four banks – ANZ and NAB – are headquartered in Melbourne, with Westpac and the Commonwealth Bank of Australia also having significant operations in Melbourne.