ANZ Bank mulls raising US$400mln for China expansion

China would be next in Asia Pacific after ANZ had established foothold in Indonesia and Vietnam.

ANZ Bank will inject a further $US400 million ($435m) into its expanding business in China after securing regulatory approval for a locally incorporated bank, hopefully by April.

Asia Pacific, Europe and America chief executive Alex Thursby said ANZ's primary focus would be on China, having spent the past 12-14 months on building a solid foundation in two of its other franchise markets -- Indonesia and Vietnam.

"We got our licences there, got approval for incorporation in Vietnam and built our branches, and now we're doing the same in China," Mr Thursby said in a report in The Australian.

Incorporation, leading to the additional capital commitment on top of the $US152m already invested, will build a platform for institutional and retail banking growth through RMB products and other services for Chinese customers.

Beyond that, ANZ has said it will expand its existing network of two foreign bank branches and a representative office by opening more than 20 branches by 2012.

Follow the link for more news on

Also Read

BPI’s net income up 9% to PHP16.6b in Q1

TMBThanachart Bank may see loans contract by 1.7% in 2025

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit