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ANZ eyeing two new banking operations in China

(Agencies)
Updated: 2009-03-25 15:37

Australia and New Zealand Banking Group (ANZ), seeking to grow its Asian business, on Wednesday outlined plans for two new banking operations in China and an expansion of its existing network there.

Related readings:  Foreign banks offer interest discounts  Australian bank buys 19.9% stake in local city lender  Foreign banks may divest China stakes  RBS to consider sale of ABN AMRO business in China

Australia's fourth-largest lender said it was seeking regulatory approval for a wholly-owned locally incorporated bank subsidiary in China and a new rural bank in western China.

It also planned to open over 20 of its own branches by 2012, ANZ said in a statement. It currently has two foreign bank branches and a representative office.

"Western China is an area of growth and opportunity...they are obviously positioning for the longer term. It shows their intent," said Rohan Walsh, investment manager at Karara Capital.

The bank's move into less-developed western China supported the Chinese Government's rural reform strategy, ANZ said.

Investing in the poorer regions of China, encouraged by incentives from the Chinese government, has been seen as a good entry point for foreign firms seeking to increase their exposure to the country's fast-growing cities.

The bank's investment was likely to be small scale and not limit any further acquisitions in the region, analysts said.

ANZ is believed to be a candidate for Royal Bank of Scotland's Asian assets, which is estimated to have a price tag of around $2 billion.

The bank said the focus of its China growth strategy was principally on three high-growth regions, servicing the major cities of Shanghai, Beijing and Guangzhou.

"With the significant slowdown in the US and European economies, the importance of China and Asia to the future of the world economy is now more obvious than ever," said Mike Smith, ANZ's Chief Executive.

ANZ opened its first office in Beijing in 1986 and has branches in Beijing and Shanghai, and a representative office in Guangzhou. The bank also holds a 19.9 percent stake in Shanghai Rural Commercial Bank and a 20 percent stake in Bank of Tianjin.