ANZ to Shutter Wholly Owned Bank in Chongqing in Asia Strategy Shift

What’s new: Chongqing Liangping ANZ Rural Bank Co. Ltd., a Chinese village bank wholly owned by Australia and New Zealand Banking Group Ltd. (ANZ), is set to be dissolved, as the financial giant shifts its Asia strategy.

The bank in Southwest China’s Chongqing municipality received approval from the Chongqing bureau of the China Banking and Insurance Regulatory Commission (CBIRC) to dissolve, and has cleared all of its deposits and loan businesses, the regulator said in a statement on June 27.