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ANZ to Invest $300 Million in China, Expand to 20 Outlets

Australia & New Zealand Banking Group Ltd., Australia’s third-largest lender, plans to invest A$300 million ($300 million) and more than triple the size of its network in China, the world’s fastest-growing major economy.

The number of outlets will be increased to 20 in the next five to 10 years, up from six now, the Melbourne-based lender said yesterday. The capital increase, which is subject to regulatory approval, is the first since the bank invested A$395 million while incorporating its Chinese unit in 2010.