Australia and New Zealand Banking Group has opened its first branch in Mumbai.

The new office will initially support corporate and institutional banking clients in India and other ANZ customers looking to do business in the country, the company said in a statement. 

It will be led by Subhas DeGamia as chief executive.India's trade with Asia has doubled over the last five years and its investment across the Asia-Pacific region, particularly in natural resources, has increased significantly in the last 12 months. 

It has become Australia's fourth largest export destination driven by rapid economic growth and demand for natural resources," said Alex Thursby, CEO for Asia-Pacific, Europe and America. ANZ received approval for a banking license from the Reserve Bank of India in October 2010.