Banking Current Affairs 2017

Westpac Banking Corporation opens its firsrt branch in Mumbai

imageWestpac Banking Corporation (Westpac Institutional Bank) received its banking licence from RBI on April 16, 2012. Westpac has operated in India since 2007 through its representative office.

Westpac Institutional Bank (WIB):

  • The Institutional Bank, which contributed 26% of Westpac’s total earnings in 2010, provides advisory and wholesale banking services to Westpac’s corporate and institutional customers.

Westpac Banking Corporation

  • Australia’s Oldest Bank
  • A multinational financial services, one of the Australian "big four" banks and the second-largest bank in New Zealand.
  • Gail Kelly (CEO and Managing director)

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Sweden’s Volvo to invest in India

Volvo is a Swedish truck, bus and earth-moving equipment maker. Volvo is the world’s 2nd largest truck maker by revenue.

Volvo declared its plans to invest R s 3,800 Crore in India in next few years. Of imagethis amount, it will be investing Rs 1,800 Crore in a joint venture with Eicher Motors. Volvo and Eicher have a 50:50 joint venture VE Commercial Vehicles which sells Volvo brand of trucks and Eicher brand of trucks and buses.

In India, Volvo has a good presence in Bus segment.

Eicher is a commercial vehicle manufacturer in India.

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