ANZ has announced it has received a Retail Renminbi (RMB) licence from the China banking Regulator Commission, allowing the compant to offer a range of RMB-related products and services to Chinese consumers.

 

The license means ANZ’s locally incorporated subsidiary in China, ANZ China, is now able to provide all retail customers in China with local currency deposits, mortgages, bancassurance and wealth management products and services. The retail license adds to ANZ’s existing RMB-related capabilities for corporate customers.

 

ANZ CEO Asia and Chairman ANZ China, Gilles Planté, said: “Securing our Retail RMB license is a significant milestone in further expanding our capabilities to support Chinese customers in building and protecting their wealth.

 

“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.”

 

ANZ is also expanding its offshore RMB capabilities for corporate and commercial customers doing business with China after becoming one of a select group of banks globally to be authorised by the Hong Kong Monetary Authority to settle cross-border trade transactions in RMB. Since August 2011, ANZ in Hong Kong has opened more than 1,200 RMB accounts for global customers settling trade transactions in RMB.

 

“We have found that businesses that participate in offshore RMB trade can benefit from pricing transparency, resulting in more favourable trade terms with their Chinese partners,” Mr Planté said. “ANZ is actively discussing these opportunities with customers in our 32 markets across Australia, New Zealand, Asia, the Pacific, Europe and North America,” Mr Planté said.