Australia and New Zealand Banking Group (ANZ) is planning to seek Reserve Bank of India’s (RBI) approval to open more branches in the country.
According to ANZ chief executive Michael Smith, a sluggish economic growth in China as well as Indonesia makes India an attractive destination for the bank.
Smith told The Economic Times that, "Our commitment to India is growing. Certainly, I see it as a very important part of our regional strategy. I think we were probably slower in our build-up of our India business than we should have been and I have to say I’m encouraged by the new government being more business-friendly."
ANZ offloaded its unit Grindlays Bank in India to Standard Chartered in 2000, and returned to the country in 2011 by launching its Mumbai branch.
The bank opened its second branch in Gurgaon and plans to open another in outskirts of Bengaluru this year, the publication said.