ANZ (ASX:ANZ) has launched banking operations in India, with the opening of its first branch in Mumbai.
The bank said its Mumbai branch has been set up to support trade and investment flows between India and Australia, as well as New Zealand, APAC, Europe and North America.
ANZ appointed 20-year company veteran Subhas DeGamia as CEO of new subsidiary ANZ India.
ANZ CEO Asia Pacific, Europe and America Alex Thursby said India has become Australia's fourth largest export destination, and India's trade with Asia has doubled over the last five years.
“India is an integral part of our super regional strategy and we are grateful for the support we have received from the Indian and Australian governments and regulators in opening the Mumbai branch,” he said.
ANZ currently operates a back office processing centre in Bangalore which employs around 5,000 staff.
The Reserve Bank of India approved the company's request for a banking license in October last year.
Late last month, rival Westpac (ASX:WBC) received approval to open a branch in the Beijing CBD. Westpac already operates a branch in Shanghai and plans to open two more in the nation.
ANZ shares fell 2.15% in Thursday's trading to $21.350.