The Australia and New Zealand Banking Group (ANZ) has finally made a successful re entry into the Indian banking space after a span of a decade. The bank has set up its first branch in Mumbai.
Subhas DeGamia has been appointed as the chief executive of the Indian operations of the bank. DeGamia has made sizeable contribution to ANZ in fields of institutional banking and financial markets.
"The opening of the Mumbai branch re-establishes ANZ's banking presence in India...India is an integral part of our super-regional strategy," said Alex Thursby, chief executive of the bank's businesses in the Asia Pacific, Europe and America.
The branch will initially cater to the corporate and institutional banking clientele of the bank. Amongst its other activities the bank would also work as an aid in increasing trade and investment flow India and the Asia-Pacific, including Australia and New Zealand, Europe and North America.
Services would be offered in both Indian rupee and foreign currencies. Other services offered would be funding and hedging solutions, trade finance, cash and payments, foreign exchange and debt capital markets.
"India's trade with Asia has doubled over the past five years and its investment across the Asia-Pacific region, particularly in natural resources, has increased significantly in the last 12 months. It has become Australia's fourth largest export destination, driven by rapid economic growth and demand for natural resources," he said.