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ANZ To Speed Up China Expansion Plans

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sign_1 September 21, 2010 (Chinavestor) Australia & New Zealand Banking Group said it will quicken the pace of its expansion plans in China after gaining approval from China's banking regulator to form a locally operated bank. ANZ plans to double the number of outlets it has in China over the next three years, according to the Wall Street Journal.

The move is the latest sign that Beijing is willing to offer some access to China's financial markets to foreign companies. Last week, several Taiwanese banks were granted approval to open branches on the mainland and Bank of New York Mellon (NYSE: BK) has been working diligently to expand its reach in China as well.

ANZ said its Chinese entity will start with $387.4 million in capital. More than two dozen foreign banks, including giants HSBC (NYSE:HBC) and Citigroup (NSYE:C), have launched locally incorporated units in China, the Journal reported.

ANZ's Chinese operation will commence business on October 1. The bank is Australia's third-largest by market value.



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