Pomelo farmers hope for fruitful ANZ foray in China

ANZ became the first Australian bank to enter China’s rural market as it lends support to Liangping's pomelo industry.

Liangping has been identified by the Chongqing government and CBRC as a priority area for rural development and investment, and ANZ promises to use its agri-business expertise to seek further banking opportunities in rural China in support of the Chinese Government’s rural reform strategy.

ANZ also launched its corporate responsibility framework in China, including a year-long initiative to assist the Liangping pomelo industry.

President of Chongqing Liangping ANZ Rural Bank Co Ltd, Patrick Zhu, said: "To assist the Chongqing pomelo industry, we will facilitate a training series featuring specialists in agriculture and marketing, in conjunction with an ANZ financial literacy program for pomelo farmers and the local pomelo industry authorities.

"ANZ is committed to supporting the local communities in which we operate and we look forward to facilitating this seasonal learning program of agricultural, marketing and financial best practices to support Chongqing’s famous pomelo industry in realising its potential," Mr Zhu said.

The Chongqing Liangping ANZ Rural Bank Co Ltd in western China is a 100 percent owned subsidiary of ANZ.

ANZ is working toward obtaining local incorporation in China in early 2010 to enable it to provide a broader range of services to local customers and businesses and expand its branch network.

“This will enable us to bring our extensive rural finance experience and wide range of products to support Liangping's rural development," said ANZ Chief Executive Officer, Mike Smith.