ANZ has obtained in-principle approval
for an international banking licence in India, paving the way for
the bank to re-enter the country for the first time since it sold
Grindlays Bank in 2000.

ANZ, Australia’s third-largest bank by assets,
plans to offer retail and wholesale banking services in India and
is aiming to open its branch in the country within 12 months
pending final approval from the central bank.

ANZ has said it is aiming to target at least 20% of revenue from
Asia by 2012 and about A$2bn ($1.81bn) of profits from the region
by the same date.