Westpac Banking Corporation (WBC) announced today that it has launched a new branch in Shanghai after the Chinese banking regulator approved its application for a financial licence.
Westpac general manager Asia Yogan Rasanyakam said the new branch would extend its representation in key Asian markets and marked a significant milestone for the banking company.
"Given the deep trading links between China, Australia and New Zealand, it makes good business sense for Westpac to establish a branch in the financial capital of China."
"In particular, it will assist customers who are benefiting from China's demand for Australia's resources and New Zealand's agricultural products."
"China is now the world's growth engine and this new branch provides Westpac with a stronger capability to assist Australian, New Zealand and Chinese customers who are doing business in the region."
Mr Rasanyakam said the new Shanghai bank would also offer services for small and medium-sized business customers, including import and export settlement
"As Australia's largest trading partner, China offers significant growth opportunities for many of our customers.
The new branch was opened for business today and is located in Shanghai's financial district and will be headed by Andrew Whitford, general manager of People's Republic of China.
Shares in Westpac were up by 10 cents to $28.02 at 12:20PM AEST.
