Commonwealth Bank of Australia (CBA) has become the first bank to operate in India. The bank would place its focus mainly in fields like trade finance, remittances and foreign exchange services.

“We have chosen India as one of our preferred growth markets along with China, Indonesia and Vietnam. We are increasingly looking at emerging markets. But links to Australia are important for us,” said Simon Blair, group executive — international financial services of CBA.

By Australian links, he referred to the 4,00,000 Indian population residing in Australia. The bank targets them for its remittance business.

ANZ Bank, its rival has also sought for banking license in India. ANZ had to make an exit from India following its heavy involvement in the famous Harshad Mehta Scam.

“We are starting to work with Indian companies which are looking at investments in Australia. Moreover as 52% of people of Indian origin in Australia bank with us, we see a lot of opportunities in the area of remittances and NRI banking services,” said CEO Ravi Kushan.

Gradually, the bank may also think of entering into retail space and also take active part in the financial inclusion program of India.