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Mekong attracts ANZ

26 April 2013 5:04PM
The Mekong region will be an increasing priority for investment by ANZ as the bank responds to shifts in investment and trade flows.Gilles Plante, ANZ's Asia-Pacific chief executive, said on Tuesday, in Taipei, that the bank had identified Greater China, India and the Mekong region as its three priority markets.The last of these, he said, "is a key region for investment and trade." Many manufacturing companies in the region are relocating from China to countries such as Vietnam and Cambodia.The bank recently celebrated its 30-year anniversary in Vietnam. It already operates with full banking licences in Laos and Cambodia, and opened a representative office in Myanmar a month ago, while working to secure a licence in Thailand.Plante was speaking at a media briefing, after cutting the ribbon to formally announce the local incorporation of the bank's subsidiary in Taiwan.ANZ's branch numbers in the region have more than tripled, to 94, in the past five years, largely through the acquisition of RBS Asia. A Greenwich Associates survey recently ranked it among this year's top four corporate banks in Asia, up from being outside the top 20 five years ago.   In the past five years, the bank has succeeded in growing the number of its customers across Asia-Pacific to 2.6 million, up from under one million in 2007, Plante said.He went on to say that Taiwan is a significant market within Greater China for ANZ, and now ranks as the group's third most profitable market in the region.Trade flows between Taiwan and Australia are also on the rise, and have reached US$20 billion. "We are one of the top four foreign banks in Taiwan, and Taiwan is one of ANZ's largest businesses, offering a full range of products and services across all customer segments," Plante said.The local subsidiary's operations commenced on April 8 with initial capital of NT$20 billion (A$636 million).ANZ Taiwan's CEO, Terry King, added: "Local incorporation reflects ANZ's continued commitment to invest resources and more actively participate in the growth and development of Taiwan."

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