ANZ Bank commences India ops, opens first branch in Mumbai

The Australia and New Zealand (ANZ) Bank Thursday said it has commenced banking operations in India by inaugurating its maiden branch in the country's financial capital.

"We have received approval to open one branch from the Reserve Bank of India (RBI) and over time we will broaden our franchise," ANZ India CEO Subhas DeGamia told PTI here. The RBI granted ANZ a banking licence in October, 2010.

The Mumbai branch will support trade and investment flows between India and the Asia-Pacific region including Australia and New Zealand, as well as Europe and North America, DeGamia said.

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The Mumbai branch, which is planning to grow its customer-base, will provide Indian Rupee and foreign currency banking services including funding and hedging solutions, trade finance, cash and payments, foreign exchange and debt capital markets and access to ANZ's expertise in natural resources, agriculture and infrastructure.

DeGamia said opening of the Indian branch is a key milestone for ANZ Bank. "India is a major engine for global economic growth. We see India as a strategic market and we are evaluating growing through both the organic and inorganic ways."

"The opening of the Mumbai branch re-establishes ANZ's banking presence in India. India has become Australia's fourth largest export destination driven by rapid economic growth and demand for natural resources," ANZ's Chief Executive for Asia Pacific, Europe and America, Alex Thursby, said.

ANZ already has a back office processing centre in Bangalore which employs around 5,000 people. The bank exited the country in 2000 by selling ANZ Grindlays Bank owned by it to Standard Chartered.

The 175-year old ANZ Bank is one of the 25 largest listed banks globally by market capitalisation. The bank operates in 32 markets globally with representation in Australia, New Zealand, the Asia-Pacific, Europe, America and the Middle- East. It has more than 800 branches in Australia, 300 branches in New Zealand and over 160 branches in the Asia-Pacific.

It is also among the top five listed companies on the Australian Stock Exchange with over 4,00,000 shareholders and a market capitalisation of Aus dollar 62-billion as at March 2011.