ANZ expands in Northern India
ANZ has stated in a press release that it is expanding into Northern India with the opening of a branch in Gurgaon, so as to take advantage of growing trade and investment flows within the region. ANZ is already present in Bengaluru and Mumbai, and plans to open another site in outer Bengaluru.
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Australia and New Zealand Banking Group (ANZ) plans to seek Reserve Bank of India's nod to open more branches in India, as it looks for more business from the country even as it sees slowing economic growth in China and Indonesia."It (India) will be important of the Asia Pacific regional staregy. I think we were probably slower in our buildup of the Indian business than we should have been," said Michael Smith, chief executive officer of ANZ Group on Monday. He opened a new facility in Bengaluru for the company.In 2011, ANZ returned to India by opening its Mumbai branch, over a decade after it sold the Grindlays Banking unit to British banking group Standard Chartered. It opens its second branch in Gurgaon on Tuesday and plans another in Bengaluru outskirts this year.He said a slowing China and Indonesia's less than expected economic growth makes India an attractive destination for the bank.China, however, continues to be an attractive destination due to its urbanisation and the growth in its economy, even if it is slower. "The world needs China to be working ok," said Smith.In Bengaluru, where the bank has over 7,300 people, it offers technology, operations and shared services to its global customers. Nearly 70% of all trade finance and credit verification is being done in India."We are not a back office centre. We work as a bank ensuring that the customers are serviced effectively," said, Pankajam Sridevi, Managing Director of ANZ Bangalore. The company hired 800 people last year."This cetnre is the backbone for our entire operations," said Alistair Currie, Group Chief Operating Officer.ANZ has over 1,000 technology workers from its vendors supporting the India team, he said.