ANZ bank to open sub-branch in Guangzhou

Australia and New Zealand Banking Group Ltd announced it had opened a sub-branch in Guangzhou, capital of Guangdong province, as part of the bank's continued expansion in the Pearl River Delta.

The bank, also known as ANZ, plans to begin offering retail renminbi services to Guangzhou residents once it has received a final approval from regulators, said ANZ China CEO Charles Li. It had started offering similar services in Beijing and Shanghai in June.

"We look forward to becoming the first Australian bank to offer products and services in the local currency to retail customers in the Pearl River Delta, furthering our ability to help customers manage their wealth," he said.

"Our expanded presence and increased capabilities in the Pearl River Delta make us able to meet the increasing demand for financial services among individuals and corporations in this region, which is an important manufacturing and export hub in China and offers significant growth opportunities in trade and investment."

ANZ China has seven outlets, in Beijing, Shanghai, Chongqing and Guangzhou, among other places. The new sub-branch is coming as part of ANZ's plan to have 20 outlets in China eventually.

The bank plans to provide a wide range of services related to deposits, mortgages, wealth management and international banking for overseas study and migration.

ANZ has been in China since 1986 and was incorporated there in 2010. It has strategic partnerships with the Shanghai Rural Commercial Bank Co Ltd and the Bank of Tianjin, as well as with a wholly owned rural bank in Liangping county, the Chongqing Liangping ANZ Rural Bank.