ANZ approved for branch in Chongqing
Australia and New Zealand Banking Group Limited (ANZ) announced it has received approval from the China Banking Regulatory Commission to establish a branch in Chongqing in western China. The company said the approval follows a strategic cooperation agreement between ANZ and the Chongqing Government’s Financial Affairs Office signed in February.
ANZ said Chongqing has a population over 31 million people and in 2009 GDP grew by 14.9% with more than US$4 billion of foreign investment.
ANZ CEO Asia Pacific, Europe and America, Alex Thursby, said Chongqing is a priority economic zone in China.
“China is a strategically important market for ANZ and the opening of a branch in Chongqing is part of our long term commitment to expand our network in order to support customers and assist economic growth,” Mr Thursby said.
Last month ANZ received preparatory approval to locally incorporate in China and last year establish a rural bank in the Chongqing county of Liangping in 2009.
The company said in addition, that it has three foreign bank branches in Shanghai, Beijing and Guangzhou, a sub-branch in Shanghai and will open a sub-branch in Beijing later this year.
As at 1140 AEST, ANZ shares were down 64c to $21.81.
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