ANZ beefs up China strategy

ANZ will seek regulatory approval for a 100 per cent owned Chinese subsidiary, the bank announced yesterday.

The move is part of the three-pronged strategy to take advantage of the weakness of its European and North American rivals for expansion in Asia.

ANZ will also invest in the expansion of the two Chinese banks in which it has investments, Shanghai Rural Commercial Bank (in which it has a 19.9 per cent holding) and Bank of Tianjin (20 per cent).

And it will complete regulatory approvals for the establishment of a new rural bank in Liangping, a western county with a population of 900,000.

ANZ chief executive David Smith said in a statement: "ANZ has doubled the number of employees in China and Hong Kong over the past 12 months to build a team of experienced bankers with local expertise."