ANZ bank slowly rebuilds India business.

MUMBAI: ANZ Bank is slowly building up its India business afresh with two new branches in Gurgaon and outer Bangalore which will add to its sole branch operations in Mumbai.
ANZ which in the late 90's was the largest foreign bank in India following its acquisition of Grindlays, sold out to Standard Chartered Bank and exited the country in 2000 after settling a long-standing securities-scam related dispute with the National Housing Bank.
A decade later the bank returned to India with ambitions in corporate and retail banking. The bank's global CEO Michael Smith in a recent interview to the media said that the bank was open to acquisitions to grow its retail business if there was an opportunity.
"The approval to open branches in these commercial hubs will strengthen our super regional strategy, expand our ability to support clients and build on our position as a leading bank in Asia," said ANZ CEO, International & Institutional Banking, Andrew Geczy.
He added that India is the world's third largest economy on purchasing parity terms and it remains one of the fastest growing economies in the world. The country is strategically important to ANZ as trade flows between India and the rest of Asia have increased by 900% over the past 10 years to $330 billion and it is the fourth largest destination for Australian exports.
"Continuing to connect our customers between India and the other 32 countries in our network creates a further driver of growth for ANZ," Mr Geczy said.
ANZ India CEO Subhas DeGamia said: "The new branches will add to ANZ's value proposition in India where our business has gained significant momentum including our achieving number one lead arranger status for Indian offshore financings. Over time, we will seek to broaden our franchise in the country to further support our customers in the region."
The in-principle approval is valid for 12 months during which time ANZ will finalize its plans before seeking final approval.
Bank is slowly building up its India business afresh with two new branches in Gurgaon and outer Bangalore which will add to its sole branch operations in Mumbai.
ANZ which in the late 90's was the largest foreign bank in India following its acquisition of Grindlays, sold out to Standard Chartered Bank and exited the country in 2000 after settling a long-standing securities-scam related dispute with the National Housing Bank.
A decade later the bank returned to India with ambitions in corporate and retail banking. The bank's global CEO Michael Smith in a recent interview to the media said that the bank was open to acquisitions to grow its retail business if there was an opportunity.
"The approval to open branches in these commercial hubs will strengthen our super regional strategy, expand our ability to support clients and build on our position as a leading bank in Asia," said ANZ CEO, International & Institutional Banking, Andrew Geczy.
He added that India is the world's third largest economy on purchasing parity terms and it remains one of the fastest growing economies in the world. The country is strategically important to ANZ as trade flows between India and the rest of Asia have increased by 900% over the past 10 years to $330 billion and it is the fourth largest destination for Australian exports.
"Continuing to connect our customers between India and the other 32 countries in our network creates a further driver of growth for ANZ," Mr Geczy said.
ANZ India CEO Subhas DeGamia said: "The new branches will add to ANZ's value proposition in India where our business has gained significant momentum including our achieving number one lead arranger status for Indian offshore financings. Over time, we will seek to broaden our franchise in the country to further support our customers in the region."
The in-principle approval is valid for 12 months during which time ANZ will finalise its plans before seeking final approval.
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