Media Release
For release: 4 March 2010
ANZ receives foreign bank licence in-principle approval in India
ANZ today announced it that had received in-principle approval for a foreign
bank licence from the Reserve Bank of India (RBI) allowing ANZ to establish a
foreign bank branch in India.
Re-establishing a branch presence in India is a strategic priority for ANZ as
part of its objective to become a super regional bank focussed on Australia,
New Zealand and Asia Pacific.
A foreign bank licence will allow ANZ to provide a wide range of retail and
wholesale banking services in India subject to regulatory approval of branch
establishment in Mumbai.
ANZ CEO Asia Pacific, Europe and America Alex Thursby said: "This is an
important step for ANZ as part of a long term commitment to progressively
rebuild our presence in India.
"There is a significant and growing economic relationship between Australia
and India. India is Australia''s fourth-largest export market driven by
demand for natural resources with exports totalling more than $15 billion in
2008.
"At the same time, India has become a global centre of excellence in
technology and operations and ANZ''s Bangalore campus which was established in
1989 now employs almost 4,500 people supporting our business in Australia,
New Zealand and Asia," Mr Thursby said.
Mr Thursby also acknowledged the strong support of the Australian Government
for its licence application in India and the willingness of the Reserve Bank
of India and the Indian Ministry of Finance to consider the application.
"The Australian Government has taken significant steps to foster the
bilateral relationship with India in recent years and its support for our
licence application has been invaluable," Mr Thursby said.
Pending approval of the branch location by the RBI, ANZ intends to establish
its first branch in Mumbai under its foreign bank licence in the next 12
months.
For media enquiries contact:
Paul Edwards
Group General Manager Corporate Communications
Tel: +61-3-9273 6955 or +61-434-070101
Email: paul.edwards@anz.com
Mairi Barton
Head of Communications, Asia Pacific Europe and America
Tel: +61 3 8654 3209 or +61 411 104425
Email: mairi.barton@anz.com
End CA:00192117 For:ANZ Type:GENERAL Time:2010-03-04:16:48:57