ANZ (ASX:ANZ) Entered Chinese Rural Market

Melbourne, Sep 28, 2009 AEST (ABN Newswire) - ANZ (ASX:ANZ) bank today officially opened its first rural bank in western China, making it the first Australian bank to enter China's rural market.

The Chongqing Liangping ANZ Rural Bank is a 100 per cent owned subsidiary of ANZ. Liangping has been identified by the Chongqing government and China Banking Regulatory Commission (CBRC) as a priority area for rural development and investment.

ANZ Chief Executive Officer, Mike Smith said: "Establishing a rural bank is a further demonstration of our commitment to contributing to the economic development of China and to investing to become a top four foreign bank in this strategically important market."

The Liangping branch will add to the branches ANZ already has in Shanghai, Beijing and Guangzhou, as well as its 19.9 per cent stake in the Shanghai Rural Commercial Bank and 20 per cent holding in Bank of Tianjin.

ANZ also launched its corporate responsibility framework in China, including a year-long initiative to assist the Liangping pomelo industry.