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ANZ secures yuan retail banking license
By Hu Xiaocen |
March 5, 2012, Monday
|
Online Edition
Online Edition
AUSTRALIA and New Zealand Banking Group, one of the top four banks in Australia received a license to do yuan retail banking in China, the bank said in a statement today.
The China Banking and Regulatory Commission-awarded license means ANZ China, a subsidiary of ANZ Group, is now allowed to provide yuan-related products and services to individual customers, including deposits, mortgages, bancassurance and wealth management.
"Securing our retail RMB license is a significant milestone in developing our retail business in China. We are committed to drawing upon our global experience and local market expertise to support our customers' wealth growth in China," said Charles Li, CEO of ANZ China.
ANZ established its first subsidiary in China in 2010. Headquartered in Shanghai, it currently has a network spanning over four cities in the country. The bank holds 20 percent stakes in both Shanghai Rural Commercial Bank and Bank of Tianjin, and fully owns the Chongqing Liangping ANZ Rural Bank.
The China Banking and Regulatory Commission-awarded license means ANZ China, a subsidiary of ANZ Group, is now allowed to provide yuan-related products and services to individual customers, including deposits, mortgages, bancassurance and wealth management.
"Securing our retail RMB license is a significant milestone in developing our retail business in China. We are committed to drawing upon our global experience and local market expertise to support our customers' wealth growth in China," said Charles Li, CEO of ANZ China.
ANZ established its first subsidiary in China in 2010. Headquartered in Shanghai, it currently has a network spanning over four cities in the country. The bank holds 20 percent stakes in both Shanghai Rural Commercial Bank and Bank of Tianjin, and fully owns the Chongqing Liangping ANZ Rural Bank.
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