The ANZ bank has announced plans to invest a further $300 million in its China operations to support further growth in the country.

 

After becoming the first Australian bank to locally incorporate in China, the company invested an initial $395 million to launch its operations.

 

Speaking in Beijing, ANZ CEO Mike Smith said the move will allow the bank to expand its network beyond Beijing, Shanghai, Chongquing and Guangzhou to 20 outlets over the coming 10 years, pending regulatory approval.

 

“Our business in China has grown steadily since we established a presence in 1986 and the additional capital we plan to invest in ANZ China will support further network expansion, growth in customer lending, employee recruitment and product development to better service our customers,” Mr Smith said.

 

“ANZ aims to become a super regional bank in the Asia Pacific region, and China is a strategically important market for us. We are making good progress towards our goal of earning 25% to 30% of Group profit from outside Australia and New Zealand by 2017.”

 

Mr Smith took the opportunity to reiterate the bank’s long-term commitment to China, saying the investment will significantly boost the bank’s local growth capability.

 

ANZ also has 20% stakes in Shanghai Rural Commercial Bank and Bank of Tianjin, and a fully-owned rural bank in Liangping county, the Chongqing Liangping ANZ Rural Bank Co Ltd.

 

The planned capital investment is subject to regulatory approvals.