The move forms a part of the bank’s strategy to benefit from the country’s growth.
The bank, which currently offers short-term loans, also plans to increase the term of the lending in the near future.
ANZ international and institutional banking chief Andrew Geczy was quoted by The Sydney Morning Herald as saying that the bank is looking for opportunities to work with foreign financial institutions as China made its consumer finance markets available.
Despite strong position in Asia, ANZ’s strategy is facing challenges due to low returns, competition from rivals and lack of local expertise.
ANZ’s business in China depends on lending to top institutions, cash management and trade finance.
The bank plans to further focus on advisory and market-making activities in China, while strengthening its position in mortgage market at home which has an ability to grow at a faster pace.
ANZ provides various banking and financial products and services to retail, small business, corporate, and institutional customers in Australia, New Zealand, the Asia Pacific region, the Middle East, Europe, and the United States.
As of 30 September 2014, the bank had 1,220 branches and other points of representation.
