ANZ Bank gets RBI nod to open branch in Mumbai

NEW DELHI: The Australia and New Zealand (ANZ) Banking Group, has received an in-principle approval from Reserve Bank of India to open a branch in Mumbai during the first half of the next year.

Mr Alex Thursby, ANZ chief executive for the Asia Pacific, Europe and Americas regions said the banking licence will help ANZ to grow in India and towards the dream of becoming a super regional bank in the Asia Pacific.

“India is Australia's fourth-largest export market, driven by demand for natural resources, with exports totalling more than USD 11.7 billion in 2009, while trade between India and other parts of Asia represents USD 139.6 billion in flows annually,” Thursby added.

According to the media report, the ANZ services will include trade finance, debt capital markets, cash and payments, and funding and hedging solutions.