ANZ says it has received approval to offer local currency products and services to customers in China.
The Melbourne-based bank said it had obtained a licence from the China Banking Regulatory Commission which meant its subsidiary ANZ China could now provide all retail customers in China with local currency deposits, mortgages, bancassurance and wealth management products and services.
“The number of high net worth and affluent customers in China is growing rapidly and we see great potential to provide our global product and service expertise, and provide support by expanding our China network with a new sub-branch in Guangzhou in 2012,” ANZ Asia chief executive Gilles Plante said in a statement.
He said ANZ would be the first Australian bank to be fully licensed to offer a wide range of RMB-related products and services to local citizens in China.
ANZ is focused on high growth areas of China including Beijing, Shanghai, Guangzhou, Chongqing and surrounding areas which have a combined GDP of US$5.3 trillion and a significant affluent customer base.
Since August 2011, ANZ in Hong Kong has opened more than 1,200 accounts for global customers settling trade transactions in Renminbi, the Chinese currency.
“We have found that businesses that participate in offshore Renminbi trade can benefit from pricing transparency, resulting in more favourable trade terms with their Chinese partners,” Mr Plante said.
ANZ estimates that trade-induced Renminbi deposits will grow to RMB516 billion (USD82 billion) by December 2012.
