(17 May 2012 – Australia) ANZ has decided to invest a further A$300 million to support growth in its Chinese subsidiary as part of the bank’s push into Asia.The additional investment is the first since an initial investment of A$395 million in 2010, the bank said in a statement.
ANZ is trying to model itself on HSBC by turning into an Asian lender and is seeking to get 25 to 30 percent of its profit from Asia by 2017.
‘ANZ aims to become a super regional bank in the Asia Pacific region, and China is a strategically important market for us,’ ANZ chief executive officer Mike Smith said in a statement.
Smith worked at HSBC before joining ANZ.
ANZ’s Chinese operations consist of six outlets, and the lender said it plans to increase its network to 20 outlets in the next five to 10 years, subject to regulatory approval.
ANZ owns a 20 percent stake in both Shanghai Rural Commercial Bank and Bank of Tianjin.