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BS Reporter / Mumbai March 05, 2010, 0:08 IST
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
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,
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,
“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
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
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.
The group’s re-entry into India is part
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