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NOV 16, 2013 - Yahoo! News

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ANZ Bank wins approval for sub-branch in Shanghai free trade zone

said on Sunday it had approval from Chinese authorities to set up a sub-branch in the new Shanghai free-trade zone, following several other major international lenders into the pilot project. ANZ, the most Asia-focused of Australia's four largest lenders, will offer a range of banking products to companies in the free-trade zone, in both yuan and foreign currencies. The bank plans to open the sub-branch in 2014. The free-trade zone, which covers an area of nearly 29 sq km on the eastern outskirts of Shanghai, was launched in late September.

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