(9 April 2010 – China) Australia and New Zealand Banking Group has received preparatory approval for local incorporation from the China Banking Regulatory Commission (CBRC), bringing the bank a step closer to being the first Australian bank to establish a wholly owned bank in China.The CBRC has granted the bank preparatory approval to establish Australia and New Zealand Bank (China) Company Limited.
ANZ China will be a fully owned subsidiary of ANZ subject to individual governance by a local board.
ANZ’s CEO, Asia Pacific, Europe and America, Alex Thursby said that the announcement is an important milestone in building ANZ into a super regional bank.
Local incorporation in China provides the foundation from which to establish a substantive foreign bank presence in China and will allow ANZ to offer its customers a larger distribution network, and a wider range of RBM products and services, Mr Thursby added.