ANZ marks China anniversary with green light for investment
(31 May 2006 – China) ANZ has been given the green light by Chinese regulators to buy a 19.9 percent stake in Tianjin City Commercial Bank for US$120 million.
The deal was agreed upon last December and ANZ said it would move ahead with the investment now that it had received clearance from the China Banking Regulatory Commission.
The bank was given the go ahead to buy its stake in the same week it celebrated 20 years of operating in Beijing.
ANZ first established corresponding banking arrangements with China in 1947 and opened its first office in Beijing in 1986.
ANZ president of China, Andrew McGregor said "China is the place to be".
"ANZ is here to stay," he said.
The bank was given the go ahead to buy its stake in the same week it celebrated 20 years of operating in Beijing.
ANZ first established corresponding banking arrangements with China in 1947 and opened its first office in Beijing in 1986.
ANZ president of China, Andrew McGregor said "China is the place to be".
"ANZ is here to stay," he said.
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