ANZ plans for rural China
(25 September 2007 – Australia) Incoming ANZ chief executive, Michael Smith, has outlined his plans to expand ANZ’s rural banking business into China.
In an address to an economic advisory council meeting in China's western province of Chongqing, Smith said ANZ has a strong platform to expand internationally.
Smith said that interest in inland China from both local and foreign banks will allow developing businesses in China greater access to credit.
He said that it was critical for reforms to continue in Chinese banking, as foreign banks could provide an alternative source of capital and a more competitive market.
Smith said that there were opportunities for Chongqing, which is a trading inland port in the upper reaches of the Yangtze River with a population of 31 million, to develop the right path in banking and financial services.
ANZ’s rural business has over 2800 staff and $US30 billion (A$35 billion) in loans to customers in rural Australia and New Zealand.
Smith said that interest in inland China from both local and foreign banks will allow developing businesses in China greater access to credit.
He said that it was critical for reforms to continue in Chinese banking, as foreign banks could provide an alternative source of capital and a more competitive market.
Smith said that there were opportunities for Chongqing, which is a trading inland port in the upper reaches of the Yangtze River with a population of 31 million, to develop the right path in banking and financial services.
ANZ’s rural business has over 2800 staff and $US30 billion (A$35 billion) in loans to customers in rural Australia and New Zealand.
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