Australia and New Zealand Banking Group (ANZ; ANZ.ASX) said it will open 20 outlets in China over the next three years as part of an accelerated expansion, Reuters reported. ANZ Chief Executive Mike Smith made the announcement in Shanghai as ANZ formally announced the formation of ANZ China, a locally incorporated unit to be established on October 1 in which ANZ has made an initial investment of US$372.4 million. In 2006, ANZ bought 20% of Bank of Tianjin and in 2007, it purchased a 19.9% stake in Shanghai Rural Commercial Bank. It also operates a wholly owned rural bank, Chongqing Liangping ANZ Rural Bank, which it established in 2009.
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