ANZ establishes new branch in China

Australia and New Zealand Banking Group Limited, or ANZ, a provider of banking and financial products and services, has announced the establishment of a new branch in Hangzhou, the capital of Zhejiang Province in Eastern China.

According to ANZ, Hangzhou branch will cover the entire Zhejiang Province and offers products and services including trade and supply chain, cash management, markets and relationship banking services for corporate customers as well as deposits, mortgages, wealth management and migrant banking services for individual customers.

The new branch is located in the downtown business area at Euro America Center, 26 Jiao Gong Road, Xihu District.

Speaking at the official ceremony, ANZ CEO Mike Smith said: "As one of China's most vibrant and prosperous cities, Hangzhou is an important contributor to economic growth and development of the Yangtze River Delta which is a strategic market for ANZ in China.

"With a large number of private business and Asian companies established in Zhejiang Province and its increasing connectivity with Australia and New Zealand, it makes sense for ANZ to expand here to support the growing trade, investment and people flows across the region," Mr Smith said.