50 branches the ANZ China aim

ANZ plans to have 50 branches in China and to employ 2000 staff within five years the Financial Review reported. This extends ANZ's vision from a previous goal of 20 branches by 2012. The branches will be under the ANZ brand.

ANZ also expects to open the first branch of its new rural banking subsidary in China in August.

Mike Smith, the bank's chief executive, told the newspaper: "I am not really intersted in the mass market. I don't think we can play that. There is no way we can compete against the big boys there.

"We have to be very niche and beig niche you can still be big. This is a big market".

Smith also told the newspaper that ANZ remained interest in buying the banking asets of RBS in China, but only if the bank could buy them with clean title.

According to the AFR RBS is seeking to split the investment banking and retail banking assets in China and that presents regulatory complications for purchasers.

Of the RBS assets for sales Smith told the AFR: "China, Indonesia and south-east Asia wouold be a perfect fit. We will have to wait and see."