ANZ Banking Group has hired a former Royal Bank of Scotland executive to lead its China operations.

Charles Li, previously the country executive and head of global banking for RBS in China, has moved on to become ANZ's chief executive for the country. Li takes over from Christine Ip, who resigned and moved to Singapore in late 2010. He officially assumes his new post, subject to regulatory approval, in early February.

ANZ runs its own business in China, as well as having a 20 per cent stake in the Bank of Tianjin and Shanghai Rural Commercial Bank. Its local incorporation was approved in October last year, allowing it to operate under its own brand name. The company now has three branches, with one each in Shanghai, Beijing and Guangzhou, as well as a further two sub-branches.