ANZ Banking Group
(ASX:ANZ) has reportedly bailed out of a plan to buy an unnamed family controlled bank based in Hong Kong.
Media reports suggest a price could not be agreed on. ANZ says it is focused on organic growth in greater China.
Australia’s third largest bank recently announced it will invest $300 million to expand its branch network in China.
ANZ posted a net profit of $2.9 billion in the first half of the 2012 financial year.
