ANZ consolidates China presence

ANZ/cent/chief-executive/

11 July 2006
| By Darin Tyson-Chan |

ANZ has finalised its purchase of a 20 per cent stake in Chinese bank Tianjin City Commercial Bank (TCCB).

ANZ, which recently celebrated 20 years of operations in Asia, claims its US$111.5 million investment is the largest stake in a Chinese bank held by a foreign bank.

The deal was initiated in December last year with the signing of a share subscription agreement allocating 495,625,000 TCCB shares to ANZ.

At the time, TCCB assets were approximately US$8.5 billion, derived from a network of 180 branches and sub branches serving more than five million customer accounts.

Final regulatory approval has now been received for the strategic partnership, which covers the full range of retail banking services.

Chief executive John McFarlane said the ANZ has worked closely with TCCB on “quick win” projects in retail banking and other sectors to be completed during the next six months.

McFarlane anticipates the projects will “lead directly into medium-to-long-term projects that will strengthen TCCB’s market position over the next five years”.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 month 2 weeks ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

2 months 1 week ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

2 months 2 weeks ago

ASIC has canceled the AFSL of Sydney-based asset consultant and research firm....

2 weeks ago

The Reserve Bank of Australia has announced its latest interest rate decision following this week's monetary policy meeting....

3 weeks 2 days ago

A former financial adviser who stole $4.4 million from his family and friends to feed gambling debts has been permanently banned by ASIC....

3 weeks 6 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
moneymanagement logo