ANZ invests in China

ANZ Banking Group will announce an investment in China's Tianjin City Commercial Bank today, its second foray into the world's fastest-growing major economy, an official at Tianjin Bank said yesterday.

"It's a long-term growth option for ANZ, but it's not without significant risks," said Atul Lele at White Funds Management in Sydney. "Many of these banks have high levels of non-performing loans, and ANZ will have to bring these down."

Tianjin City is China's fourth-biggest city commercial bank by assets. ANZ Bank spokesman Paul Edwards confirmed the announcement.