ANZ is considering a move into China as part of its wider push into Asian markets, according toa report in the Australian Financial Review. ANZ already has a co-operative alliance with China’s Shanghai Rural Credit Co-operative Union (SRCCU).
ANZ launched its Asian expansion plan in April this year, when the bank announced it planned to spend between 5% and 10% of its capital (up to $A900 million) building a portfolio of minority stakes in retail banking businesses in the Asian region.
The bank now says it wants to make China the cornerstone of its strategy, and is considering taking a 5 to 15 per cent stake in the SRCCU. “If there is one country that we would like to get a little hold in it is China,” ANZ group managing director of strategic development Peter Hawkins said.
“The Chinese authorities have an extremely high opinion of ANZ – that puts us in an extremely good position.”