Mumbai: Australia and New Zealand Banking Group (ANZ) on Thursday said that it has received in-principle approval from the Reserve Bank to open two new branches.

The new branches will come up Gurgaon, NCR, and outer Bangalore, the bank said in a statement.

The in-principle approval is for 12 months and the bank will finalise its plans within that time and seek final approval then and decided on the branch openings, ANZ India spokesperson said when sought the opening date.

Commenting on the development, ANZ chief executive for international and institutional banking Andrew G'czy said, "the approval to open two branches will strengthen our super-regional strategy, expand our ability to support clients and build on our position as a leading bank in Asia.

"Despite the recent slowdown, trade flows between India and the rest of Asia soared 900 percent over the past 10 years to USD 330 billion and it is the fourth largest destination for Australian exports." ---- PTI