Australia's NAB bank follows competitors to India

National Australia Bank, Australia's top lender, said on Wednesday it has opened its first branch in India, following the lead of competitors.

"India's bilateral trade with Australia and New Zealand is rising continually and we believe that the Mumbai (India) branch will help facilitate greater economic, trade and investment flows between the three countries," the bank's chief executive for Asia, Rob Wright said.

Baboos and Bande Mataram: Looking at India's inky heritage

Commonwealth Bank of Australia in 2010 was the first Australian bank to set up shop in India. Australia & New Zealand Banking Group followed suit in 2011.

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