Re-establishing a branch presence in India is a strategic priority for ANZ as part of its objective to become a major regional bank focussed on Australia, New Zealand and Asia Pacific.
The licence will allow ANZ to provide a range of retail and wholesale banking services in India subject to regulatory approval of branch establishment in Mumbai.
Pending approval of the branch location by the RBI, ANZ intends to establish its first branch in Mumbai under its foreign bank licence in the next 12 months.
Alex Thursby, CEO of ANZ for Asia Pacific, Europe and America, said: “This is an important step for ANZ as part of a long term commitment to progressively rebuild our presence in India. There is a significant and growing economic relationship between Australia and India. India is Australia’s fourth-largest export market driven by demand for natural resources with exports totalling more than $15bn in 2008.”
