Australia and New Zealand Banking Group (ANZ) has received approval from the China Banking Regulatory Commission (CBRC) to establish a branch in Chongqing in Western China.
Regulatory approval for the Chongqing branch follows a strategic cooperation agreement between ANZ and the Chongqing Government’s Financial Affairs Office signed in February.
The letter of intent formalised ANZ’s intention to establish a branch in Chongqing and signalled its commitment to assist the development of Chongqing’s financial industry.
Alex Thursby, CEO of Asia Pacific, Europe and America at ANZ, said: “Chongqing is a priority economic zone in China and we’re looking forward to bringing our international network customers and our commercial customers in western China high quality financial solutions, relationships and regional insight.
“China is a strategically important market for ANZ and the opening of a branch in Chongqing is part of our long term commitment to expand our network in order to support customers and assist economic growth.”