Australia and New Zealand Banking Group (ANZ) has received approval from the China Banking Regulatory Commission to establish a sub-branch in the China (Shanghai) Pilot Free Trade Zone.

The new sub-branch, which is set to open, next year, will provide a range of products and services including trading finance, foreign exchange, commodity trading, loans and cash management.

ANZ said that it is also planning to offer a range of banking products to companies in the FTZ, in both yuan and foreign currencies.

Launched in late September, the free-trade zone located in Shanghai is spread over an area of approximately 29km, which is planned for use as a testing ground for reforms in China.

ANZ manages five branches and three sub-branches located in five cities, including Beijing, Shanghai, Guangzhou, Chongqing and Hangzhou.

ANZ China, CEO Charles Li, said: "We look forward to contributing to its success by supporting cross border trade and investment flows, as well as promoting the development of RMB (renminbi) financial markets."
ANZ joins Deutsche Bank, Citibank, DBS, Hang Seng Bank, HSBC and Bank of East Asia, in launching their operations in the pilot free-trade zone.