RBI permits ANZ to open two new branches in India

Bank has only one branch in Mumbai currently

Bs_logo
BS Reporter Kolkata
Last Updated : Jun 05 2014 | 1:34 PM IST
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. Standard Chartered Bank currently has the largest network among foreign lenders in thecountry with 99 branches.

 

You’ve hit your limit of 5 free articles this month.
Subscribe now for unlimited access.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Jun 05 2014 | 12:42 PM IST

3 out of 5 articles left

Subscribe to read without limits
Subscribe Now