皇冠体育app

2010-09-21 14:09

SYDNEY - ANZ Banking Group Ltd, the fourth largest bank in Australia, will begin lending and banking operations in 皇冠体育app on Oct 1 after its wholly owned ANZ Bank 皇冠体育app Company Ltd received regulatory approval.

Photo taken on Feb 24, 2010 shows ANZ聽Bank's Beijing branch聽in Chaoyang district. [Photo/CFP]

Final regulatory approval for the establishment of ANZ 皇冠体育app was granted by the 皇冠体育app Banking Regulatory Commission (CBRC) earlier this month, the Australia and New Zealand banking Group Ltd, commonly called ANZ said on Tuesday.

ANZ 皇冠体育app will be a locally incorporated entity, allowing it to apply for a renminbi license to support domestic retail and business clients in 皇冠体育app, plus provide a range of foreign currency and RMB banking services for ANZ's institutional and network clients.

The bank has made an initial investment of 2.5 billion yuan聽(A$400 million or $378 million) in ANZ 皇冠体育app, and its establishment will enable the acceleration of plans to establish up to 20 outlets in 皇冠体育app in the next three years, it said.

"Local incorporation provides the foundation for ANZ to expand our presence, products and capabilities for customers in 皇冠体育app," ANZ 皇冠体育app Chairman Gilles Plante said in a statement.

"It significantly enhances our ability to grow organically and creates greater opportunities for co-operation with our strategic partners in Shanghai and Tianjin."

ANZ has three foreign bank branches in Shanghai, Beijing and Guangzhou, plus sub-branches in Shanghai and Beijing and a rural bank in Liangping county, Chongqing.