Australia New Zealand Banking Group is weeks away from opening the first of a planned 20 locally incorporated banks in China, after being given the go-ahead from regulators.The group, which operates the ANZ and National brands in New Zealand, won final re
Australia New Zealand Banking Group is weeks away from opening the first of a planned 20 locally incorporated banks in China, after being given the go-ahead from regulators.
The group, which operates the ANZ and National brands in New Zealand, won final regulatory approval from the China Banking Regulatory Commission earlier this month.
So far the group has invested $2.5 billion renminbi or $512 million in the local incorporation of ANZ China, which will be a wholly-owned subsidiary of ANZ with independent governance under a local board chaired by ANZ chief executive North East Asia, Europe and America Giles Plant.
Local incorporation allows ANZ China to apply for a Renminbi (RMB) licence to support domestic retail and business clients in China, and allows for the introduction of a full range of foreign currency and RMB banking services for ANZ’s institutional and network clients.
The bank has plans to establish up to 20 outlets in China over the next three years.
Mr Plant said local incorporation provided the foundation for ANZ to expand its presence, products and capabilities for customers in China.
“It significantly enhances our ability to grow organically and creates greater opportunities for co-operation with our strategic partners in Shanghai and Tianjin,” he said.
ANZ has three foreign bank branches in Shanghai, Beijing and Guangzhou, sub-branches in Shanghai and Beijing, and a rural bank in Liangping county, Chongqing – where it has also received a preparatory approval to establish a branch in Chongqing.
It also holds a 19.9 per cent stake in the Shanghai Rural Commercial Bank and 20 per cent stake in the Bank of Tianjin.
