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Australia,China,New Zealand : ANZ to invest US$300 million in China expansion
Publish Date : 16-May-2012
Australia and New Zealand Banking Group, the country\'s fourth largest bank, said on Tuesday it would invest a further A$300 million (US$300 million) to support growth in its Chinese subsidiary as part of the bank\'s push into Asia.
The additional investment is the first since an initial investment of A$395 million in 2010, the bank said in a statement.
ANZ is trying to model itself on HSBC by turning into an Asian lender and is seeking to get 25 to 30 per cent of its profit from Asia by 2017.
\"ANZ aims to become a super regional bank in the Asia Pacific region, and China is a strategically important market for us,\" ANZ chief executive officer Mike Smith said in a statement.
