AUSTRALIA & New Zealand Banking Group, Australia's third largest lender, opened a new branch today in Hangzhou, capital of Zhejiang Province, extending its presence in the Yangtze River Delta.
"With a large number of private businesess and Asian companies established in Zhejiang Province and its increasing connectivity with Australia and New Zealand, it makes sense for ANZ to expand here to support the growing trade, investment and people flows across the region," Mike Smith, ANZ's chief executive officer, said in a statement.
The branch is open for both corporate and individual customers, and offers services like trade finance, cash management, mortgages and wealth management, ANZ said.
ANZ is the only Australian bank in China that has a locally incorporated subsidiary. The firm's yuan license was granted by the China Banking Regulatory Commission last March. It announced last May a capital injection of 2 billion yuan (US$321.5 million) in ANZ China.
The lender said it planed to expand its network to 20 branches in the next five to 10 years. It currently has five branches in Shanghai, Beijing, Guangzhou, Chongqing and Hangzhou