ANZ China launches free trade unit
30.11.2015 368 views
ANZ China has announced the People's Bank of China has approved the launch of its Free Trade Unit (FTU) in the bank's Shanghai branch.
The FTU approval means ANZ China's Shanghai Free Trade Zone (SFTZ) sub-branch can facilitate capital account transactions for ANZ corporate customers and interbank branches within the SFTZ, as well as for ANZ's offshore corporate customers. All SFTZ business will be partially separated from the onshore financial system in a move that is expected to open up opportunities to private and foreign capital investors in this experimental area.
Via the FTU, ANZ is able to support its corporate customers in establishing cross-border transaction settlements and offshore borrowing business with lower financing costs, while also enabling them to invest in overseas market. As the only Australian bank with both local and foreign currency capabilities in retail and corporate banking in Mainland China, ANZ China will support customers' increasing financial needs and growing business opportunities across the country.
ANZ has been in China since 1986 and today has seven branches and four sub-branches and an Operations Hub in Chengdu. ANZ opened its sub- branch in SFTZ in April 2014.
Source: The Paypers