India a priority market,says ANZ chief

Smith said the availability of “highly educated work force with the right skills and a strong work ethic” had made India a preferred destination for companies from across the globe.

“It is this unique combination which is leading companies like ANZ to look to India to create of centres of excellence,” he said.

Smith said this was a part of the group’s long term commitment to India which dates back over 20 years to 1989 when it established operations in Bangalore.

ANZ currently employs 4,000 people in Bangalore in its IT and back office operation support for the group in 32 countries.

“…We didn’t bid on the RBS banking assets which are for sale in India. It was a disappointment,but without a banking licence I felt it was just a bridge too far for ANZ,” Smith said.

He said the group had a clear long-term strategy to build ANZ into super regional bank and had established a strong management team with experience in international and emerging markets.