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Dispatches: ANZ clinches local incorporation approval in China

ANZ will speed up its China expansion strategy after receiving crucial regulatory approval to operate in its own right there. The bank, which is Australia’s third-largest, said yesterday it had been given local incorporation approval, meaning ANZ China can apply for a renminbi licence. The licence will allow ANZ to provide domestic retail and business banking services, along with foreign currency and renminbi products to its institutional clients. ( The Australian)

Westpac boss Gail Kelly and National Australia Bank’s Cameron Clyne have been named by UK investors as potential candidates to take charge of taxpayer-backed mortgage giant Lloyds Group. While Lloyds has several internal candidates to take over from the outgoing boss Eric Daniels, who has announced his intention to retire when he turns 60 next August, the two Australian executives have been named as potential successors. (Sydney Morning Herald)

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