ANZ expands from Down Under to the mainland
ANZ, the first Australian bank to open branches and a representative office in China, plans to continue its expansion to become one of the top foreign-owned banks in the nation, said Alex Thursby, the lender's managing director for the Asia-Pacific region.
"Our strategy is focused on growth in three key areas in China - the Yangtze River Delta, the Pearl River Delta and the Bohai Bay-Rim Region. Our goal is to be among the leading foreign banks in China within the next five years," Thursby said.
He added that the establishment of its branches demonstrates the importance that the bank attaches to the Chinese market and its role as a bridge between the Australian, New Zealand and Chinese economic and financial worlds.
With offices in 14 Asian countries and regions, ANZ serves Asian regional corporations, banks and investors, as well as local enterprises and Australian and New Zealand companies that trade and invest in Asia.
"Asia's banking wallet will be worth $280 billion by 2012 and the whole of China will account for more than 50 percent of it," Thursby said. "The combined retail and institutional banking of ANZ in China will double from now to 2012. ANZ recognizes that if we are not a significant player in Asia, we will not achieve the group's ambition to be a super regional bank in five-plus years."
ANZ reaches its mainland customers through a combination of its own branches providing services tailored to affluent clients and strategic partnerships with the Bank of Tianjin and the Shanghai Rural Commercial Bank. It also assists small and medium-sized Australian enterprises grasp opportunities in the Chinese market.
"We have acquired 20 percent stakes in both the Bank of Tianjin and the Shanghai Rural Commercial Bank," Thursby said.
Its mainland branches are also tasked by the group's head office to give assistance and support to Chinese companies seeking to invest in Australia.
"ANZ has a substantial base to support Chinese companies investing in Australia," Thursby said. "We have specialist advisory teams to ensure we have a deep understanding of our corporate client's requirements and associated challenges, including for natural resources, diversified industrials, food, beverage and agriculture. These teams work closely with product experts in corporate financing, working capital and markets to deliver solutions."
With a history of over 170 years, ANZ is one of the largest banking groups in Australia and New Zealand. Its world headquarters is located in Melbourne, where it first opened as the Bank of Australasia in the 1830s.
(China Daily 04/09/2008 page19)
