Ten years after it quit, Australia and New Zealand Banking Group (ANZ) on Thursday announced that it has received in-prinicple approval from the Reserve Bank of India (RBI) to set up shop here.
The Melbourne-based bank will set up a branch in Mumbai within the next twelve months and initially serve high-end corporate customers and financial institutions.
A foray into retail banking is also on the cards, but unlike its previous stint when it catered to the mass-affluent segment, the bank wants to be a niche player in wealth and affluent banking.
“Over time as we grow our branch network, we will start building a retail and wealth proposition for affluent customers in key cities. ANZ’s strategy is not to be a mass market bank in India, but rather to provide niche services in wealth and affluent banking,” an ANZ spokesperson said in response to queries from Business Standard.
ANZ had stopped India operations in 2000, after selling its Grindlays Bank units to Standard Chartered Plc. for $1.34 billion (Rs 6,164 crore at Thursday’s rates).
At present, the group has a presence in India through its non-banking Financial company (NBFC) ANZ Capital, which focuses on trade finance and corporate banking. It also maintains a technology and operations centre in Bangalore which employs 4,500 people.
The group’s re-entry into India is part of ANZ’s ‘super regional’ strategy for Asia.
