ANZ has expanded its business network in China, establishing a new branch in the city of Qingdao.
ANZ China has opened a branch in Qingdao within the Shandong Province, offering a full range of products and services including supply chain, cash management, and markets and relationship banking services for corporate customers.
ANZ chief executive Mike Smith said: “Qingdao and Shandong have established long-term relationships with Australia and there is 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.”
Mr Smith said the branch’s establishment reflects the institution’s aim to support its global clients looking to grow in Qingdao and Shandong.
ANZ China chief executive Huang Xiaoguang said: “Opening the new branch in Qingdao is another step in continuing to grow our business in China.
“As the only locally incorporated Australian bank in China, it is a further opportunity to provide financial solutions and services in trade finance, global markets and syndication loans in this important market.”
Magellan chairman and CIO Hamish Douglass has said he’s not afraid of missing out on a “short-term market rally” and that mutant virus...