ANZ opens in Mumbai
(17 June 2011 − Australia) ANZ opened its first branch in Mumbai this week, making it the second Australian bank to enter India in recent months.
The bank expects revenue from its Asia-Pacific, Europe and America region to grow "quite aggressively" this year and Asia is forecast to contribute the biggest component of that according to ANZ regional division chief executive Alex Thursby.
'We basically have two models that we're building. The first model is the franchise model where we have a limited branch network where we build an institutional, commercial and retail model,' he said.
'Ultimately we will do that in India. Because of regulatory constraints and us just wanting to pace investment, we lead with the institutional bank.'
Australia's largest bank, Commonwealth Bank of Australia, opened its first branch in India in late 2010.
'We basically have two models that we're building. The first model is the franchise model where we have a limited branch network where we build an institutional, commercial and retail model,' he said.
'Ultimately we will do that in India. Because of regulatory constraints and us just wanting to pace investment, we lead with the institutional bank.'
Australia's largest bank, Commonwealth Bank of Australia, opened its first branch in India in late 2010.
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