Australia's ANZ bank upbeat on Thailand

ANZ looks to Thailand to extend its "super-regional" strategy.

Australia's ANZ has been granted permission to operate a subsidiary in Thailand. It comes as the troubled state tries to curb an investor exodus.

The approval paves the way for the Australian lender to gain a full banking license in the future.

With approval from Thailand's ministry of finance, ANZ estimates it will take up to 12 months to establish a subsidiary, which is a step on the way to earning a full banking licence in Thailand.

ANZ currently has a presence in Thailand via a representative office which was set up in the capital Bangkok in 1985.

The subsidiary license could eventually allow ANZ to become the first bank from Australia to open a branch network in Thailand.

ANZ remains sanguine about Thailand's prospects: "We believe the long term outlook for Thailand is strong despite the current challenges the country is currently facing."

ANZ operates in over 30 countries, with around 8 million customers worldwide.