ANZ plans for Asian expansion

by Richard Kilner

Story link: ANZ plans for Asian expansion

New Zealand bank ANZ is now one of only two remaining bidders hoping to acquire Hong Kong retail bank Wing Lung.

Recently, China’s Bank of Communications withdrew from the running, leaving only the New Zealand bank and Industrial & Commercial Bank of China competing for the prize.

The Bank of Communications is believed to have removed itself from the process as China’s authorities did not wish to see two state-owned firms bidding against one another.

ANZ has until the end of April to put forward its final offer, though it is far from clear which of the two bidders will prove successful.

Nor is the acquisition of Wing Lung ANZ’s only plan for Asia.

The bank is also intent upon exploiting the opportunity for rural banking in mainland China, with ANZ indicating a desire to tap into western China, as opposed to the heavily catered for eastern coastal region.

At present the New Zealand bank has operations in a variety of Asian nations, including Vietnam, Malaysia and China.