BRANCH BANKING | Tony Chua, Australia

ANZ Bank commences Mumbai operations

The Australian bank to give a full range of Indian Rupee and foreign currency banking services.

Australia & New Zealand Banking Group Ltd. (ANZ) on Wednesday opened its first branch operation in Mumbai, making it the second Australian bank to enter India in recent months.

The move comes about eight months after ANZ, the third largest bank in Australia by market capitalization, first received a license from the Reserve Bank of India to begin branch operations in the country. Australia's largest bank, Commonwealth Bank of Australia, opened its first branch in India in late 2010.

The Mumbai branch for ANZ will provide a full range of Indian Rupee and foreign currency banking services including funding, according to a report in The Wall Street Journal.

ANZ previously had a presence in India through its ownership of Grindlays, before selling that firm to Standard Chartered in 2000.

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