ANZ now has key Chinese areas covered

ANZ branches are now in the north, centre, and south of mainland China after the China Banking Regulatory Commission allowed it to open a branch in Guangzhou.

ANZ’s other branches in mainland China are in Shanghai and Beijing.

ANZ CEO North East Asia Alistair Bulloch said ANZ’s branch in the southern Chinese city of Guangzhou gave customers local support for opportunities as the Pearl River Delta was expected to emerge strongly from the global economic downturn.

"The Pearl River Delta is a key hub for manufacturing and export for China. We expect it will be among the first places to benefit as global demand returns with significant growth opportunities in services, logistics and information-technology – as well as manufacturing."

ANZ Chief Executive Officer Asia Pacific, Europe and America Alex Thursby said the approval was further good progress on ANZ’s China growth plan that includes seeking local incorporation,opening additional branches and establishing a rural bank in western China.

Guangzhou is the capital of Guangdong, China’s largest province in terms of GDP and foreign trade. Guangdong’s export-reliant economy has slowed this year with first quarter growth of 5.8 percent down from 10.1 percent in 2008, however recent industrial production and fixed-asset investment data indicate a recovery may be underway.

ANZ has operated a representative office in Guangzhou since 2006. The branch will provide a full range of RMB and foreign currency services to corporate customers and will also assist local residents with their foreign currency personal banking needs. ANZ is the only Australasian-based bank with both local and foreign currency commercial banking capabilities in China.