Australia and New Zealand Bank is seeking to upgrade its operating license in Thailand to full branch banking status, local reports show.

ANZ Bank currently has a representative office in the country, which means it is prohibited from conducting direct banking services and offering any of its own financial products. The bank offers assistance to companies doing business in Thailand, as well creating linkages with Thai banks. It also provides guidance on project finance and private banking matters.

Mike Smith, chief executive of the Australian bank, reportedly met with Thailand Prime Minister Yingluck Shinawatra last week to discuss the possibility of reducing the two-year waiting period for an approval. The bank is seeking a license so it can set up a wholly-owned subsidiary. 

The move to fully operate in Thailand comes as Australia's Big Four banks race to expand their networks across Asia. Just this month, National Australia Bank opened its first branch in India, shortly after launching in China. Commonwealth Bank also recently obtained its Indian banking license.