ANZ Ready to launch into Indian market
ANZ appears to have all but secured its long-awaited Indian banking licence after the nation’s reserve bank recommended to the Indian government that it be allowed to open a branch in Mumbai. An unnamed official with India’s Ministry of Finance was quoted by India’s Economic Times as saying the Reserve Bank of India had given its approval to the ANZ application for a banking licence. The final decision on the matter now sits with India’s Finance Minister.
RBI ( RESERVE BANK OF INDIA ) has recommended to the finance ministry that ANZ Bank be allowed to open a branch in Mumbai, opening the doors to the bank that was caught up in the 1992 securities scam and had left the country at the turn of the millennium. At the turn of the millennium, ANZ, or the Australia and New Zealand Banking Group, was among the top three foreign banks in India, but it made an exit from the country in 2000 after selling its Grindlays Bank unit to Standard Chartered for $1.34 billion. At that time, ANZ Grindlays had 41 branches in India.
The licence would open a new front to the ambitious Asian expansion headed by the ANZ chief executive, Mike Smith. The bank has been waiting more than a year for approval to enter the fast-growing Indian market.
Last year, ANZ took part in talks regarding the 30 Royal Bank of Scotland branches in India but the branches were sold to HSBC. ANZ has a mixed history in the Indian market through its previous ownership of Grindlays, which it sold to Standard Chartered in 2000. Grindlays later became involved in a long-running legal action after being caught up in a fraudulent cheque scam. ANZ was eventually hit with more than $280 million in losses as a result of the action. ANZ owns a technology services business in Bangalore, which provides back office support for the bank’s Australian and New Zealand operations. In India, like other parts of Asia, ANZ is hoping to sell retail banking services to the nation’s booming middle class.
ANZ is Australia’s leading bank in Asia.
In Vietnam, ANZ has been providing banking services for the last 14 years. ANZ has won quite a few banking awards in asia
- ‘Best Customer Oriented Bank’ 2005, Vietnam Economic Times
- ‘Most Favourite Bank in Vietnam’ 2004, Vietnam Economic Times
- ‘Best Foreign Bank in Vietnam 2003/4’, Finance Asia, Hong Kong
- ‘Best Retail Bank in Vietnam 2003’, The Asian Banker, Singapore
ANZ ( Australia and New Zealand Bank ) around the world
ANZ was founded in Australia more than 150 years ago. It has since grown to become a major international banking and financial services group. ANZ is Australia’s leading bank in Asia and the Pacific and today is one of the top 50 banks in the world. With thousands of banking outlets, modern systems, world-leading technology, financial expertise and a real commitment to local communities, ANZ is now the choice for banking services for over 6 million customers worldwide.