Tuesday 21st September 2010
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Australia New Zealand Banking Group will open a locally incorporated Chinese bank in October after winning regulatory approval earlier this month.
ANZ, which operates the ANZ and National Bank brands in New Zealand, will launch a wholly-owned subsidiary in China after getting sign off from the China Banking Regulatory Commission, and plans to set up 20 branches throughout the world’s most populous nation. The bank has invested 2.5 billion renminbi ($512 million) in its subsidiary as part of the incorporation.
That means it can apply for a renminbi licence, opening up customers within China and gives its international wealth management and foreign exchange desks more services.
“Local incorporation provides the foundation for the ANZ to expand our presence, products and capabilities for customers in China,” said Gilles Plante, chairman of ANZ China.
“It significantly enhances our ability to grow organically and creates greater opportunities for cooperation with our strategic partners in Shanghai and Tianjin.”
ANZ has three foreign bank branches in Shanghai, Beijing and Guangzhou, sub-branches in Shanghai and Beijing, and a rural bank in Lianping county. It’s also holds a 19.9% stake in the Shanghai Rural Commercial Bank and 20% in the Bank of Tianjin.
The shares rose 0.9% to $31.25 on the NZX, and 0.3% to A$24.03 on the ASX.
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