ANZ has announced the establishment of a new branch in the Chinese city of Qingdao as the bank continues its growth in markets abroad.
The Qingdao branch will cover the entire Shandong Province and will offer products and services for ANZ’s corporate customers.
Mike Smith, chief executive of ANZ, said that with a significant and growing presence in China and a network across 34 markets in the Asia Pacific, Europe, the Middle East and America, the bank is uniquely placed to support its clients looking to grow in Qingdao and the Shandong Province.
Mr Smith said Qingdao and Shandong Province have established long-term relationships with Australia, and highlighted “major potential” for further growth in bilateral trade and investment.
“This includes opportunities in industries such as natural resources and agriculture, and the opportunities created through the China-Australia Free Trade Agreement,” he said.
“With our new branch, we look forward to enhancing cooperation in the Qingdao and Shandong government, and to continuing to support the development of the local financial industry.”
Huang Xiaoguang, chief executive of ANZ China and head of greater China, said opening the new branch in Qingdao is another step in continuing to grow the bank’s Chinese footprint.
“As the only locally incorporated Australian bank in China, we will further enhance our capability to provide comprehensive solutions and services to support local enterprises to go abroad,” he said.
ANZ announced in July the opening of a new branch in Gurgaon, India, to better service its business customers in the country’s north.