ANZ secures India license
Bank's offering of retail and wholesale services and opening of office in country are now possible.
Australia & New Zealand Banking Group Ltd.'s (ANZ) regional ambitions got a major boost after the group said it has been given in-principle approval for a foreign banking license in India.
The license will allow ANZ Bank to provide a range of retail and wholesale banking services in India and, subject to regulatory approval, ANZ said it plans to set up its first branch office in Mumbai within 12 months.
Melbourne-based ANZ Bank--currently Australia's third-largest bank by market capitalisation--wants to differentiate itself from its Australia-focused peers and transform into a super-regional bank.
It has built a presence in countries including China, Taiwan, Indonesia and Malaysia, but without a license in India it had a big hole in its regional footprint.
The approval will see ANZ Bank re-enter the Indian banking market after more than a decade. ANZ used to own Grindlays Bank, which had a significant presence in India, but sold the operation in 2000.
View the full story in the Wall Street Journal.