ANZ plans its expansion at China market

Australia and New Zealand Banking Group Ltd (ANZ) intends to found in China a locally incorporated banking unit aiming to hasten its expansion in spite of the current conditions of the global financial crisis, according to Reuters report. By the moment a dozen of foreign banks, including Citigroup Inc and HSBC Holdings Plc, have launched their locally incorporated and wholly owned units in China.

Earlier this year ANZ hired a top China banker from competitive Standard Chartered Bank in order to help boost its retail banking business in the country. The Group has already set up a team to work with Chinese regulators. 

Local incorporation supposed to ensure foreign banks to access fully to China's retail banking market that has around $2 trillion in household deposits; and that will also let foreign banks often win fast regulatory approval to set up branches as well as to launch new products.