(23 February 2010 – Asia) ANZ has signed a strategic co-operation agreement with the Chongqing government’s Financial Affairs Office, formalising ANZ’s intention to establish its branch and its commitment in assisting the development of the municipality’s financial industry.During the weekend ANZ revealed that it had signed a binding agreement with a Chinese municipality where the bank has opened a branch, the Couriermail reported .
ANZ has developed a super regional strategy and to expand its exposure in Asia to be greater than any of the other big four banks.
A letter of intent was signed by ANZ’s chief executive officer, Mike Smith, and the Chongqing Government’s delegation leader and vice-mayor Tan Xiwei.
Mr Smith said, in a statement in the weekend, that the delegation’s visit highlights the growing economic linkage between Australia and the municipality.
The agreement signed serves to formalise ANZ’s commitment to expand in Chongqing and to support its plans to become a major financial centre in western China, Mr Smith added.