Monday, 25 October 2010

ANZ bank goes round for a second try

It was back in 1984 that the ANZ Bank last embarked on a campaign to conquer India. That was the year it purchased Grindlays Bank on the sub-continent. Five years later it changed the Grindlays name to ANZ Grindlays.
Alas, by 2000 the Indian experiment was declared a failure and the subsidiary sold to Standard Chartered Plc which merged it with its existing banking operations.
Today comes the news that the ANZ Banking Group Ltd has been granted approval by the Reserve Bank of India (RBI) for a foreign banking licence, allowing the firm to open a branch in Mumbai during the first half of 2011. The licence was granted after ANZ confirmed the location of the branch in the city's extended business district of Worli-Prabhadevi.
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