ANZ Bank Gets Approval to Incorporate China Business
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Australia & New Zealand Banking Group Ltd., Australia’s third-largest lender by market value, said it got approval from China’s banking regulator to become locally incorporated in the country.
ANZ Bank’s China unit, to be established on Oct. 1, will have 2.5 billion yuan ($373 million) of registered capital, the Melbourne-based lender said in a statement today. The company aims to have 20 outlets in the country in three years, up from seven currently.