ANZ will establish a foreign bank branch in India in the first half of 2011 after being granted final approval for a licence from the Reserve Bank of India (RBI).
Date: Oct 29, 2010
ANZ will establish a foreign bank branch in India in the first half of 2011 after being granted final approval for a licence from the Reserve Bank of India (RBI).
The branch will be located in Mumbai, and while it will have an initial focus on corporate and institutional banking, the firm said it will over time include services for affluent personal banking clients.
Initially, services will include funding and hedging solutions, trade finance, cash and payments, foreign exchange and debt capital markets. ANZ said plans to progressively introduce further banking services to Indian clients over time, including private banking.
The RBI granted final approval after ANZ confirmed the location for its new branch premises in Mumbai, which the bank said was the main regulatory requirement it needed to complete following in-principle approval in March 2010.
