MUMBAI - Wells Fargo & Co. (WFC) is considering opening a bank branch in India but has yet to make a formal decision on whether to apply for a branch license to the Reserve Bank of India, a senior executive said Monday.

India has a huge potential given its large trade volume, said Dilek Mutus, executive vice president and area head at Wells Fargo.

She was speaking to reporters after announcing a partnership with India's second-largest private-sector lender by assets HDFC Bank Ltd. to offer remittance services from the U.S. to India.

Mutus didn't specify when the decision whether to apply for a branch license is likely to be taken. Wells Fargo currently operates out of representative offices in Mumbai, New Delhi and Chennai.

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