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ANZ Banking Group gets approval for FTZ outlet
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THE Australia and New Zealand Banking Group has received regulatory approval from the China Banking Regulatory Commission to set up a sub-branch in the pilot free trade zone in Shanghai, the lender said in an emailed statement today.
Citi, DBS, HSBC, Bank of East Asia, Hang Seng Bank, Deutsche Bank and United Overseas Bank said earlier they’ve received a nod from the CBRC to establish an outlet in the FTZ.
ANZ said it will offer a range of products and services including trading finance, foreign exchange, commodity trading, loans and cash management in the new outlet that is expected to open next year.
"We look forward to contributing to the success of the free trade zone by supporting cross-border trade and investment, as well as promoting the development of renminbi financial markets," Charles Li, president and chief executive officer of ANZ China, said in the statement.
The lender currently operates eight outlets on China’s mainland aside from the planned new outlet in the FTZ to be open next year.
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