ANZ Bank receives retail RMB license

Australia and New Zealand Banking Group Ltd has become the first Australian bank fully licensed to offer a broad array of renminbi-related products and services to customers in China.

The bank, the fourth largest in Australia, received a retail RMB license from the China Banking Regulatory Commission.

Gilles Plante, ANZ Asia Chief Executive and Chairman ANZ China, said obtaining the retail RMB license was a significant milestone for the bank in further expanding its capabilities to support Chinese customers in building and protecting their wealth.

ANZ said the license means its local subsidiary, ANZ China, can now provide all retail customers in China with local currency deposits, mortgages and wealth management products and services.

"The number of high net worth and affluent customers in China is growing rapidly and we see great potential to provide our global product and service expertise, and provide support by expanding our China network with a new sub-branch in Guangzhou in 2012," Plante said.

"We have found that businesses that participate in offshore renminbi trade can benefit from pricing transparency, resulting in more favorable trade terms with their Chinese partners.”

He noted that ANZ is actively discussing these opportunities with customers in its 32 markets across Australia, New Zealand, Asia, the Pacific, Europe and North America.

ANZ estimates that trade-induced renminbi deposits will grow to US$82 billion by December 2012 when total offshore RMB deposits could reach US$143 billion.