Australian banking major ANZ has decided to return to the Indian market after the Reserve Bank of India issued in-principal approval for a banking licence. The bank will offer a range of retail and wholesale banking services in India.
After waiting for more than a year for an approval to enter the fast-growing Indian market, ANZ expects to establish its first branch in the next 12 months.
Last year, ANZ took part in talks regarding possible acquisition of 30 Royal Bank of Scotland branches in India, but pulled out the bid citing costs reasons.
The licence is set to open a new front to the ambitious expansion plans, headed by ANZ group chief executive, Mike Smith.
ANZ owns a technology services business in Bangalore, which provides back-office support for the bank?s Australian and New Zealand operations.
ANZ?s operations in Bangalore is responsible for all the technology, operations and shared service functions of ANZ in India, and any work that is off-shored from other parts of the world to India. This presence has been supporting ANZ?s technology for over 21 years. In recent years, it has also developed a capability to support ANZ?s operations and shared services functions.
ANZ had mixed history in the Indian market through its previous ownership of Grindlays, which it sold to Standard Chartered in 2000.
ANZ has also operate as a non banking financial advisory company under the name of ANZ Capital Pvt Ltd. The company has a team of experts located in Mumbai.