AAP
ANZ Banking Group Ltd has taken another step towards re-establishing a presence in India, as the lender aims to continue its expansion in Asia.
The Reserve Bank of India has given ANZ in-principle approval for a foreign bank licence and the lender hopes to establish a branch in India in the next 12 months.
ANZ said in a statement on Thursday that re-establishing a branch presence in India was a strategic priority.
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ANZ head of the Asia Pacific Alex Thursby said India's economic relationship with Australia was growing, so that India was now the fourth biggest export relationship.
ANZ already employs almost 4,500 people in Bangalore to support the business.
