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ANZ to inject RMB 2 bln in China unit

May. 16, 2012 (China Knowledge) - Australia & New Zealand Banking Group Ltd, one of the top four commercial banks in Australia, said yesterday that it plans to add RMB 2 billion of investment in its ANZ China, sources reported.

The new investment, still subject to regulatory approval, will be the first capital injection into the China subsidiary since October 2010 when the unit was incorporated.

The new funds will be used to expand the group's China network, hire more staff and develop new products, said ANZ President Mike Smith.

The bank reiterated its plans to increase the number of its China outlets to 20 over the next five to ten years. ANZ China has already had outlets in Shanghai, Beijing, Guangzhou of Guangdong Province and Chongqing, and a global operation center in Chengdu of Sichuan Province. It is in preparation to open a new branch in Hangzhou of Zhejiang Province.

ANZ holds a 20% stake each in Shanghai Rural Commercial Bank and the Bank of Tianjin.

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