ANZ has entered into China’s rural market by opening its first rural bank in western China, reported The Asian Banker citing the bank’s press release. The newly opened Chongqing Liangping ANZ Rural Bank is a 100% owned subsidiary of ANZ. Reportedly, the opening follows CBRC’s announcement of new rules to encourage domestic and international financial institutions to offer financial services in China’s rural areas in an effort to expedite rural development.
The Chongqing Liangping ANZ Rural Bank is expected to provide a range of financial services tailor-made for local rural small businesses and individuals, including deposits and loan products.
Mike Smith, CEO of ANZ, said: “We are very pleased to have received China Banking Regulatory Commission (CBRC) support to open ANZ’s first rural bank in Liangping. “ANZ is the first Australian bank, and one of the first foreign banks, to establish a rural bank in the important rural centre of western China. This will enable us to bring our extensive rural finance experience and wide range of products to support Liangping’s rural development.”
ANZ has also launched its corporate responsibility framework in China, including a year-long initiative to assist the Liangping pomelo industry. Patrick Zhu, president of Chongqing Liangping ANZ Rural Bank, said: “To assist the Chongqing pomelo industry, we will facilitate a training series featuring specialists in agriculture and marketing, in conjunction with an ANZ financial literacy program for pomelo farmers and the local pomelo industry authorities.