National Australian Bank opens shop to tap India trade boom

Australian banks are flocking to set up shop in India. The latest is the National Australian Bank which opened its branch in the country to capitalise on the rising trade flows between both countries.

"The two-way flow of trade in goods and services between India and Australia in 2005-06 was roughly or slightly more than USD 10 billion. In 2010-2011, it doubled or more than doubled to USD 21 billion. At senior levels of both governments, there is a very strong desire to double the trade in two years," Spiro Pappas, CEO - Asia, National Australia Bank told CNBC-TV18.

"In particular, our focus is on sectors that are strategically important for India and more broadly, Asia. These include sectors focused on food, energy and resources security."

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