ANZ Bank re-enters Indian banking market with Mumbai branch
June 17, 2011‐ Mumbai, Maharashtra, India
The third largest bank of Australia – the Australian and New Zealand Bank has re-entered the Indian banking business market with the opening of its Mumbai Branch. The bank has earlier got banking license permission from the Indian Central Bank - the–Reserve Bank of India (RBI).
ANZ becomes the second Australian bank to open its operations branch in India. Commonwealth Bank of Australia was the first to start its operations in late 2010.
The Worli-Prabhadevi, Mumbai branch of ANZ Bank gives full range of Indian Rupee and foreign currency banking services including debt funding and advisory services to corporate and institutional clients and the clients of ANZ network initially. RBI gave the licence to the bank back in October. Subhas DeGamia is appointed as chief executive of ANZ India.
Earlier, in a separate interview to a major business website, ANZ APEA Chief Executive Alex said that Asia-Pacific would be contributing the biggest component of revenue apart from Europe and America regions.
ANZ was in India previously with about 29 branches in 15 Indian cities through its ownership of Grindlays, before selling that firm to Standard Chartered Plc in 2000. India is the fourth largest export destination of Australia. World-wide, ANZ has about eight million clients in 32 markets.
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