ANZ’s Locally Incorporated Bank to Commence Operation in China
ANZ has announced that its locally incorporated subsidiary in China, Australia and New Zealand Bank (China) Company Limited, was established on October 1, 2010, following final regulatory approval from the China Banking Regulatory Commission earlier in September.
As part of local incorporation, ANZ has made an initial investment of RMB 2.5 Billion ($A400 million) in ANZ China. Local incorporation allows ANZ China to apply for a Renminbi (RMB) license to support domestic retail and business clients in China and allows for the introduction of a full range of foreign currency and RMB banking services for ANZ’s institutional and network clients.
ANZ China also provides an opportunity to accelerate existing plans to establish up to 20 outlets in China over the next three years.
In Shanghai, ANZ currently has a foreign bank branch in Mirae Asset Tower in Lujiazui and a sub-branch at 222 Madang Road in Xintiandi.