Third branch in China for ANZ

ANZ secured approval from the China Banking Regulatory Commission to open a branch in Guangzhou. It is ANZ's third branch licence in China.

The bank also holds minority stakes in Shanghai Rural Commercial Bank and Bank of Tianjin.

ANZ had also said it was seeking approval to establish an incorporated subsidiary and a new rural bank in western China.

Meanwhile ANZ's managing director Mike Smith has called for an end to the government guarantee of bank liabilities.

Speaking with reporters in Hong Kong, Smith said "the guarantee has served its purpose and there is now a case to argue that it is, in fact, disrupting the market."

Smith said the Australian government could not act alone and suggested Australia lobby, perhaps through the G20, for a coordinated end to government guarantees.

Smith confirmed that ANZ was looking into a bond offering offshore not covered by the government guarantee.

ANZ has sold debt in Australia without the guarantee, but so far National Australia Bank is the only local bank to tap offshore markets without the guarantee.