ANZ chief executive Mike Smith said the additional capital we plan to invest in ANZ China will support further network expansion, growth in customer lending, employee recruitment and product development to better service customers.
The latest capital infusion, subject to regulatory approval, in Chinese operations along with an initial investment of A$395m (RMB2.5bn), brings its registered capital to A$695m (RMB4.5bn).
Further expressing views about the potential growth avenue in Asian market, particularly in China, Smith commented that "China is a strategically important market for us."
"We are making good progress towards our goal of earning 25% to 30% of Group profit from outside Australia and New Zealand by 2017."
Currently, the bank has six branches in Beijing, Shanghai, Chongqing and Guangzhou, and it would enhance its presence to 20 outlets over the next five to 10 years.
ANZ also has 20% stake in Shanghai Rural Commercial Bank and Bank of Tianjin, and a fully owned rural bank in Liangping county, the Chongqing Liangping ANZ Rural Bank.
