ANZ India

Franchise News India,Franchise in India,Australia and New Zealand Banking Group (ANZ) today said it has received in-principle approval from the Reserve Bank of India (RBI) to open two new branches in the country. ANZ, which currently has only one branch in Mumbai, will open these branches in Gurgaon and outer Bangalore.

“The approval to open branches in these commercial hubs will strengthen our superior regional strategy, expand our ability to support clients and build on our position as a leading bank in Asia. India is the world’s third largest economy on purchasing parity terms and it remains one of the fastest growing economies in the world…Continuing to connect our customers between India and the other32 countries in our network creates a further driver of growth for ANZ,” Andrew Geczy, the bank’s CEO for international and institutional banking, said in a statement.

The bank said the in-principle approval is valid for 12 months. ANZ’s Mumbai branch currently offers Indian rupee and foreign currency services, working capital and term financing, transaction banking, global markets, deposits and advisory services.

“The new branches will complement our existing branch in Mumbai by enabling greater coverage and connectivity for our customers…Over time, we will seek to broaden our franchise in the country to further support our customers in the region,” Subhas DeGamia, ANZ’s India CEO, said.

Earlier this year, RBI allowed Citibank to open three new branches – at Nagpur, Thane (near Mumbai) and Sreilingampally (near Hyderabad) – that will increase its branch count to 45 in India.

According to India’s commitment to the World Trade Organisation (WTO), RBI had agreed tooffer at least 12 branch licences to foreign banks every year. However, in thepast, it had allowed the opening of 17-18 foreign bank branches in a year.



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