ANZ eyes Chinese customers
(14 October 2015 – China) ANZ Bank will expand its customer base in China and lengthen the tenure of loans to its top customers.
Following the launch of the banks report; Sleeping Giant: China's Consumer, ANZ International and Institutional Banking CEO Andrew Geczy told journalists "What you'll see in that strategy evolution will be, we'll expand that out, we'll probably lengthen the tenors with those a little bit, with those customers,"
"And we'll continue to expand that customer set of people who we do business with in China, that isn't just the very very top SOEs and the top multinationals that come into the country."
China currently accounts for about 3 per cent the Australian based bank’s total outstanding loans, with 88 percent are for less than a year.
Geczy added that ANZ has a small retail presence in China but its growth in the world's second-biggest economy depends on lending to top institutions, cash management and trade finance.
ANZ has also said it will push harder into the lucrative mortgage market at home, where growth is faster and returns attractive.
The report predicts that Australia's total exports to China will nearly double by 2030, with an emphasis on education, tourism, and food exports.
ANZ chief economist Warren Hogan told Fairfax that the historical segments of the Chinese economy of China's economy that had most affected Australia were "probably in recession."
"While Australia's commodities will still be needed for China's growing housing, infrastructure and energy markets, Australia needs to adapt to China's new growth model by moving towards service exports, as well as opportunities in agriculture and manufacturing," Hogan said.
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