ANZ Bank to open two branches in India by early 2016

ANZ Bank will open two more branches in India by early next year, a senior official of the bank said today.

The two branches would be opened at Gurgaon and Bangalore, ANZ Executive Director (International banking) Subhash DeGamia said. The bank opened its first branch in India at Mumbai four years ago.

"The Gurgoan branch is expected to open in few months and the Bangalore branch which would be a rural branch may be opened by early next year. For us India is an important market. In ANZ we are growing across Asia," DeGamia said in an interactive session here.

In June 2014, Australia New Zealand Banking Group (ANZ) said it received in-principle approval from the Reserve Bank of India to open new branches in Gurgaon and in outer Bengalore.

Its Mumbai branch offers Indian Rupee and foreign currency services, working capital and term financing, transaction banking, global markets, deposits and advisory services.

In addition, ANZ's Bangalore-based operations and technology shared services hub employs more than 6,000 staff supporting ANZ's businesses around the world.

He said over a period of time the bank will launch other products also. He, however, stressed that the bank's strength lies in trade finance and around natural resources among others.

"Indian companies who are wanting to open up not only in Australia but also in countries like Vietnam or Indonesia, ANZ which is growing in those countries can help," he added.