Australian banks advance to Central, Western regions
SHANGHAI - Australian banks are set to ride the urbanization boom of China's inland cities to offset the overall low-key presence in the world's fastest-growing economy.
During a trade delegation trip to four inland cities, Australia's four major banks - Australia and New Zealand Banking Group Ltd (ANZ), Commonwealth Bank Group, Westpac Banking Corp and National Australia Bank Ltd - expressed their joint commitment to extend their presence in China's central and western regions in the next five years.
With more than 25 years of operations in China, ANZ established a Chinese-language operations hub in Chengdu, the capital city of Southwest China's Sichuan province, in the first half of 2011, and is eyeing expansion to other cities in the region.