Green light for ANZ to go local
By Zhang Fengming |
April 8, 2010, Thursday
|
Print Edition
Print Edition
AUSTRALIA and New Zealand Banking Group Ltd said yesterday it has received preparatory approval to be the first Australian bank to be locally incorporated in China as it follows its American and European rivals to deepen roots in the market.
The group has the preparatory green light to set up a wholly owned subsidiary - Australia and New Zealand Bank (China) Co - and it expects to complete the local incorporation within this year to propel it to be "a super regional bank."
"China is a strategically important market for ANZ and we have a long-term commitment to continue to invest and broaden our business offerings to valued customers in China," Alex Thursby, ANZ Asia Pacific, Europe and America chief executive, said in a statement yesterday.
ANZ said it would continue to work closely with the government and regulators to fulfill all steps to complete local incorporation.
"Local incorporation will allow ANZ to continue the expansion of its existing network in China by progressively seeking approval to open additional outlets," the bank said.
Overseas banks, including HSBC, Citigroup and Standard Chartered, have set up their local incorporation to tap the retail banking market on the Chinese mainland.
ANZ has three branches in Shanghai, Beijing and Guangzhou, a sub-branch in Shanghai as well as a rural bank in Liangping in Chongqing.
It has applied to set up a branch in Chongqing.
Australia's fourth-biggest bank said earlier it will open more than 20 outlets by 2012 on the mainland after it is locally incorporated.
The group has the preparatory green light to set up a wholly owned subsidiary - Australia and New Zealand Bank (China) Co - and it expects to complete the local incorporation within this year to propel it to be "a super regional bank."
"China is a strategically important market for ANZ and we have a long-term commitment to continue to invest and broaden our business offerings to valued customers in China," Alex Thursby, ANZ Asia Pacific, Europe and America chief executive, said in a statement yesterday.
ANZ said it would continue to work closely with the government and regulators to fulfill all steps to complete local incorporation.
"Local incorporation will allow ANZ to continue the expansion of its existing network in China by progressively seeking approval to open additional outlets," the bank said.
Overseas banks, including HSBC, Citigroup and Standard Chartered, have set up their local incorporation to tap the retail banking market on the Chinese mainland.
ANZ has three branches in Shanghai, Beijing and Guangzhou, a sub-branch in Shanghai as well as a rural bank in Liangping in Chongqing.
It has applied to set up a branch in Chongqing.
Australia's fourth-biggest bank said earlier it will open more than 20 outlets by 2012 on the mainland after it is locally incorporated.
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