Australia's ANZ to invest another $300 million in China

SYDNEY: Banking giant ANZ today announced plans to invest another Aus$300 million to expand its China operations, boosting the number of its outlets across the country from six to 20.

Australia and New Zealand Banking Group (ANZ) chief executive Mike Smith said China was becoming an increasingly important market.

"Our business in China has grown steadily since we established a presence in 1986," he said.

"The additional capital we plan to invest in ANZ China will support further network expansion, growth in customer lending, employee recruitment and product development to better service our customers."

It is the bank's first capital injection since the initial investment of Aus$395 million.

Smith added that ANZ aimed to become a "super regional bank in the Asia-Pacific region, and China is a strategically important market for us".

"We have a long-term commitment to China and will continue to be an active investor in supporting the nation's financial services sector."

As part of the plans, Australia's third-largest bank said it would boost its presence to 20 outlets over the next five to 10 years, subject to regulatory approval.

The bank currently has six branches in Beijing, Shanghai, Chongqing and Guangzhou. It also has 20 per cent stakes in Shanghai Rural Commercial Bank and Bank of Tianjin.