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BRANCH BANKING | Tony Chua, Australia

ANZ inaugurates Chengdu unit

Lender aggressive in China expansion as it seeks for $5bln purchase of KEB's 57% stake.

ANZ formally opened its Chinese operations in the Sichuan province capital Chengdu, underling its commitment to the market.

The move comes ahead of the local incorporation of its first branch this Friday, October 1.

ANZ has three foreign bank branches in Shanghai, Beijing and Guangzhou, plus sub-branches in Shanghai and Beijing and a rural bank in Liangping county, Chongqing.

While the market is getting excited about the potential $5 billion purchase of a 57 per cent stake in Korea Exchange Bank, the timing of any deal is likely to be a month or two away.

View the full story in The Australian.

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