Guangzhou is the capital of Guangdong, China’s largest province in terms of GDP and foreign trade. The approval is in line with ANZ’s China growth plan that includes seeking local incorporation, opening additional branches and establishing a rural bank in western China. The branch will provide a full range of RMB and foreign currency services to corporate customers, and will also assist local residents with their foreign currency personal banking needs.
Alex Thursby, CEO of Asia Pacific, Europe and America ANZ, said: “The approval for our Guangzhou branch is an important step in our expansion giving ANZ a presence in the Pearl River Delta, which is a strategic priority for ANZ in China. We now have branches in the north, centre and south of mainland China, giving us a broad network to support customers in these key areas like services, logistics and information-technology as well as manufacturing.”
ANZ has branches in mainland China areas like Shanghai and Beijing, and is involved in strategic partnerships with two of China’s key growth regions, with a 19.9% stake in the Shanghai Rural Commercial Bank and a 20% stake in the Bank of Tianjin. ANZ has announced plans to open a rural bank in Liangping county.
ANZ is the only Australasian bank with both local and foreign currency commercial banking capabilities in China.
