Each of the two new branches will be based in Gurgaon, New Delhi’s prime business hub, and in Bangalore, which is approximately 30 kilometres from Bangalore’s central business district.
The in-principle approval is valid for 12 months, during which time ANZ will finalise its plans before seeking final approval.
ANZ chief executive of international and institutional banking Andrew Géczy said the approval to open branches in these commercial hubs will strengthen ANZ’s super regional strategy, expand its ability to support clients and build on its position as a leading bank in Asia.
“India is the world’s largest economy on purchasing parity terms and it remains one of the fastest growing economies in the world,” said Mr Géczy.
“Despite a recent slowdown, trade flows between India and the rest of Asia increased by 900 per cent over the past 10 years to US$330 billion and it is the fourth largest destination for Australian exports.”
Mr Géczy said continuing to connect customers between India and the other 32 countries in ANZ’s network will create a driver of growth for the bank.
ANZ India CEO Subhas DeGamia said the new branches will complement ANZ’s existing branch in Mumbai by enabling greater coverage and connectivity for customers.
