April 5th, 2010 
Travis Brown Australia’s third largest banking group ANZ says it is closer to becoming the first Australian lender to establish a wholly owned subsidiary in China, after it obtained preparatory approval from the China Banking Regulatory Commission.
The Chinese banking regulator has given ANZ permission to establish a Chinese subsidiary which will be called ANZ China.
The subsidiary would be 100 per cent owned by ANZ, but be subject governance by a local board of directors.
Alex Thursby, ANZ’s international chief said the approval represented an important milestone for ANZ.
ANZ Asia-Pacific, Europe and America chief executive said this was an important milestone.
“Local incorporation in China provides the foundation from which to establish a substantive foreign bank presence in China and will allow us to offer our customers a larger distribution network and a wider range of RMB (renminbi) products and services. China is a strategically important market for ANZ and we have a long-term commitment to continue to invest and broaden our business offerings to valued customers in China. We are pleased to have received CBRC’s preparatory approval for local incorporation. It recognises the contribution we can make to the Chinese banking sector and to continued economic development in China.” Mr. Thursby said.
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