The Australia and New Zealand Banking Group (ANZ) has received an approval in principle from the Reserve Bank of India (RBI) to open two more branches in India, according to a notification issued by the Bank.
The approval is valid for 12 months within which the Bank should complete the relevant licencing and other procedures.
The notification said that ANZ will establish a branch each at Gurgaon, the flourishing industrial and commercial city near Delhi and at Bangalore, which has grown to be a major commercial centre in recent years.
Melbourne-based ANZ Chief Executive (International & Institutional Banking) Andrew Géczy said that the proposed branches would strengthen the Bank’s ‘super regional strategy, expand ability to support clients and build on its position as a leading bank in Asia.’
Growth potential
“India is the world’s third largest economy on purchasing parity terms and it remains one of the fastest growing economies in the world. Despite a recent slowdown, trade flows between India and the rest of Asia increased by 900% over the past 10 years to US$330 billion and it is the fourth largest destination for Australian exports,” he said.
ANZ India Chief Executive Subhas DeGamia said that the new branches will complement the existing branch in Mumbai with greater coverage and connectivity for customers.
“This adds to ANZ’s value proposition in India where our business has gained significant momentum including our ‘Number 1 Lead Arranger’ status for Indian offshore financings. Over time, we will seek to broaden our franchise in the country to further support our customers in the region,” he said.
According to him, ANZ’s Mumbai branch currently offers Indian Rupee and foreign currency services, working capital and term financing, transaction banking, global markets, deposits and advisory services to ANZ’s customers in India and across 32 countries.
In addition, ANZ’s Bangalore-based operations and technology shared services hub employs more than 6000 staff supporting the Bank’s businesses around the world,” Mr DeGamia said.
