(28th September 2010 – China) Australia and New Zealand Banking Group (ANZ) has formally opened its Chinese operations in the Sichuan province capital Chengdu today.The bank currently has three foreign bank branches in Beijing, Guangzhou and Shanghai, as well as sub-branches in Shanghai and Beijing and a rural bank in Liangping county, Chongqing.
ANZ is also reportedly in the market to acquire a 57 percent stake in the Korea Exchange Bank worth an estimated A$5 billion, however any such deal is likely to be a month or more away.
It has also been reported that despite Australia’s third largest bank having sufficient regulatory capital to fund the acquisition from existing reserves and debt, the bank is still open to the option of a later equity issue to keep its position strong in the event of an approved purchase.