(Australia/China) – Leading Australian bank ANZ has signed a cooperation agreement with the Shanghai Rural Credit Co-operative Union, a group with total assets of US$1 billion.The deal is a preliminary one, and commits the two institutions to swap information with the aim of identifying specific areas of future cooperation.
“The Shanghai Rural Credit Co-operative Union’s established customer base and network in Shanghai and ANZ’s technology and product expertise could provide joint opportunities in the medium term,” said Peter Hawkins, ANZ strategic development managing director.
The credit union brings together the assets of 230 rural credit cooperatives, and reports to the Shanghai municipal government and the People’s Bank of China.