ANZ Banking Group (ASX:ANZ) has become the first Australia bank to secure a Retail Renminbi license from the China Banking Regulatory Commission.
The license will enable ANZ’s subsidiary, ANZ China, to be fully licensed to offer a range of Renminbi-related products and services to Chinese citizens.
The bank says securing the license is a significant milestone and that it sees great potential to provide its products and services in the nation.
ANZ is targeting to generate up to 30 per cent earnings growth in Asia by 2017.
ANZ posted a net profit of $5.4 billion in the 2011 financial year.
