ANZ wins CBRC approval
(22 September 2010 – China) Australia and New Zealand Banking Group (ANZ) has said it will ramp up its Asian expansion after receiving regulatory approval for a locally incorporated entity in China.
Boasting 2.5 billion yuan (A$373 million) of registered capital, ANZ Bank China Company Ltd will be established officially on October 1st, 2010 following the China Banking Regulatory Commission’s (CBRC) approval.
The approval opens the door for ANZ to work with domestic retail and business clients in China, as well as providing a range of foreign currency and banking services for ANZ’s institutional and network clients.
Mike Smith, chief executive officer ANZ, said that the new subsidiary will focus on institutional and corporate banking and was a major milestone in the bank’s super regional strategy.
The establishment of ANZ China will enable the acceleration of plans to establish up to 20 outlets in China in the next three years, Mr Smith said.
ANZ currently has three foreign bank branches in Shanghai, Beijing and Guangzhou, plus sub-branches in Shanghai and Beijing and a rural bank in Liangping county, Chongqing.
ANZ’s China chairman, Gilles Planté said that local incorporation provides the foundation for ANZ to expand its presence, products and capabilities for customers in China.
It significantly enhances the group’s ability to grow organically and creates greater opportunities for co-operation with its strategic partners in Shanghai and Tianjin, Mr Planté added.
The approval opens the door for ANZ to work with domestic retail and business clients in China, as well as providing a range of foreign currency and banking services for ANZ’s institutional and network clients.
Mike Smith, chief executive officer ANZ, said that the new subsidiary will focus on institutional and corporate banking and was a major milestone in the bank’s super regional strategy.
The establishment of ANZ China will enable the acceleration of plans to establish up to 20 outlets in China in the next three years, Mr Smith said.
ANZ currently has three foreign bank branches in Shanghai, Beijing and Guangzhou, plus sub-branches in Shanghai and Beijing and a rural bank in Liangping county, Chongqing.
ANZ’s China chairman, Gilles Planté said that local incorporation provides the foundation for ANZ to expand its presence, products and capabilities for customers in China.
It significantly enhances the group’s ability to grow organically and creates greater opportunities for co-operation with its strategic partners in Shanghai and Tianjin, Mr Planté added.
Subscribe