Commonwealth Bank (CBA), the largest lender in Australia, has announced plans to exit the Indian market following poor results.

CBA operates in India from a sole branch in the city of Mumbai. The branch, opened in 2010, has been offering trade finance, remittance and foreign exchange to organisations that trade between Australia and India.

"After careful evaluation of our Indian business alongside our refocused strategy, the decision has been made to wind-down and close the Mumbai branch,” the bank said.

The bank said that in the interim, customers can make withdrawals and fund transfers, though the branch will not accept new term deposits or open new accounts.

CBA India is part of the banking group’s International Financial Services (IFS) unit. Cash profit at the bank’s IFS and other segment slumped 21% to A$26m for the year to 30 June 2016 compared to the prior year.

The move by CBA follows similar moves announced by other major banks. In November 2015, HSBC Holdings unveiled plans to shut down its Indian private banking arm, while RBS agreed to sell its private banking business in India to Sanctum Wealth Management in September 2015.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData