ANZ Bank opens first branch in India

Mumbai: The Australia and New Zealand (ANZ) Bank on 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 in Mumbai.

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.

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.”