ANZ gets approval for Mumbai branch

A decade after ANZ sold the Grindlays franchise and exited its India business, it receives permission to set up its first branch in Mumbai.

ANZ has received permission from the Reserve Bank of India RBI to establish a foreign bank branch in India. It will be the Australian bank's first branch in India and will be located in Mumbai.

Our aspiration in the longer term in India is to build a full franchise across the retail, wealth, institutional and commercial segments to become a top four foreign bank, Alex Thursby, ANZ's chief executive officer, said in an internal memo. In the short-term,...

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