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ANZ targets to go local this year

THE Australia and New Zealand Banking Group hopes to be locally incorporated on the Chinese mainland this year, its chief executive said yesterday in Shanghai.

The bank hopes that it will be locally incorporated this year, Michael Smith, chief executive officer of the banking group, told Shanghai Daily yesterday on the sidelines of the Lujiazui Forum 2009.

Local incorporation allows overseas banks to fully tap the mainland's retail banking sector, sources said.

ANZ, which is now formalizing its hiring plan for the planned local incorporation, is already asking headhunters to expand its head count in Shanghai, sources said.

ANZ has hired Christine Ip, a former Standard Chartered Bank senior retail executive, as its China chief executive officer to spearhead its expansion.

It said earlier in March that it will open more than 20 outlets by 2012 on Chinese mainland after it has obtained the go-ahead to be locally incorporated.

The fourth biggest bank in Australia focuses on three regions on the mainland ¨? the Yangtze River Delta, the Pearl River Delta and Bohai Bay.


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