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Australia and New Zealand (ANZ) India expects to start operations within the first half year of 2011. The bank's key focus will be on ramping up corporate and institutional banking in India.
Mr Subhas DeGamia, CEO, ANZ India, told Business Line that the bank would start operation from Mumbai and focus on trade finance, financial markets and corporate finance.
ANZ India got the approval from the Reserve Bank of India to open a branch in Mumbai last October. The capital requirement for foreign banks to set up operations in India is about $25 million.
Mr DeGamia said the bank would also offer market expertise in commodities, particularly metal. This would help the bank establish itself in this segment as coal and gold form almost 85 per cent of Australia's export to India. Moving forward, when the bank has more branches it would build its wealth management business.
Asked whether ANZ Grindlays Bank group's exit from India a decade ago was a wrong move, Mr DeGamia said that it was strategic decision taken by the bank then to strengthen its business in Australia and New Zealand.
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