ANZ obtains trading membership from the Shanghai Gold Exchange
Australia and New Zealand Banking Group Limited (ANZ) today announced it has obtained trading membership from the Shanghai Gold Exchange, making it one of only four foreign banks permitted to trade gold in the China market.
The Exchange will only grant five foreign bank memberships at this stage. ANZ’s membership provides a further opportunity to support clients in the precious metal market of China and serves as a key plank in ANZ’s institutional banking offering in the region.
ANZ Chief Executive Officer North East Asia, Mr Alistair Bulloch said the trading membership would help to position ANZ in both commodity and financial markets of the Chinese economy.
“The gold trading approval strategically enhances ANZ’s client servicing capability and core bank status,” Mr Bulloch said. “This approval is a further step in ANZ’s plans to become a leading foreign bank in China and to continue providing world class products and services to our retail and institutional customers.
“China will play a pivotal role in our growth strategy in Asia, which is to generate A$1.5 billion, or 20% of ANZ’s total revenue, from our Asia Pacific operations by 2012. Our aspiration is to become a ‘Super Regional Bank’, offering global quality and local expertise through a customercentric approach.”
ANZ’s strong and established presence on mainland China provides a solid foundation for sustained organic growth supported by partnerships. Both ANZ Shanghai and Beijing are fullylicensed foreign bank branches. ANZ also has a representative office in Guangzhou. ANZ is the only Australasian-based bank with both local and foreign currency commercial banking capabilities in China.
In addition to its own branches, ANZ has strategic partnerships in two of China’s key growth regions – a 19.9% stake in the Shanghai Rural Commercial Bank and a 20% stake in the Bank of Tianjin.