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ANZ to inject US$316.1m into Chinese unit
May 16, 2012, Wednesday
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AUSTRALIA & New Zealand Banking Group, Australia's third largest lender, plans to invest 2 billion yuan (US$316.1 million) to expand its presence in China, the lender said yesterday in a statement.
The capital injection is still subject to regulatory approval and is the first since 2010, when ANZ's Chinese unit was incorporated. The funds will allow the lender to open more branches, increase lending, boost its workforce and develop more products, ANZ's Chief Executive Officer Mike Smith said yesterday in Beijing.
The lender also said it plans to expand its network in the country to 20 branches in the next five to 10 years, which is subject to regulatory approval.
Charles Li, chief executive officer of ANZ China, said: "China is a significant part of the bank's plan to earn as much as 30 percent of profit from the Asia-Pacific region outside Australia and New Zealand by 2017."
Singapore-based lender DBS Bank said last month it would inject 2.3 billion yuan into its Chinese subsidiary to accelerate its expansion in the country.
Foreign banks operating in China posted a combined profit of 16.7 billion yuan last year, more than double from 2010.
The capital injection is still subject to regulatory approval and is the first since 2010, when ANZ's Chinese unit was incorporated. The funds will allow the lender to open more branches, increase lending, boost its workforce and develop more products, ANZ's Chief Executive Officer Mike Smith said yesterday in Beijing.
The lender also said it plans to expand its network in the country to 20 branches in the next five to 10 years, which is subject to regulatory approval.
Charles Li, chief executive officer of ANZ China, said: "China is a significant part of the bank's plan to earn as much as 30 percent of profit from the Asia-Pacific region outside Australia and New Zealand by 2017."
Singapore-based lender DBS Bank said last month it would inject 2.3 billion yuan into its Chinese subsidiary to accelerate its expansion in the country.
Foreign banks operating in China posted a combined profit of 16.7 billion yuan last year, more than double from 2010.
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