ANZ plans to open 20 branches in China

The Australia & New Zealand Banking Group (ANZ) plans to incorporate locally in China and open 20 branches across the country to establish itself as one of Asia’s leading banks, the Wall Street Journal reported. ANZ will focus on three key growth areas with its brand and partnerships: the Yangtze River Delta, including Shanghai; the Pearl River Delta including Guangzhou; and the Bohai Bay area, including Tianjin and Beijing. It already has branches in Beijing and Shanghai as well as a representative office in Guangzhou. ANZ has also been touted as a possible buyer for Royal Bank of Scotland’s (RBS) Asian retail and commercial banking business. RBS currently has operations in China, Hong Kong and India. ANZ declined to comment on the possible RBS sale.