(14 November 2012 – Australia) Industrial and Commercial Bank of China (ICBC) has opened a branch in Melbourne, its third branch in Australia after opening in Sydney in 2008 and Perth last year.The world’s largest bank is focusing on developing business outside the resources sector by attracting Chinese and Australian corporate and private clients.
Upon opening the branch, Wang Lili, an executive director of ICBC’s global board and senior executive vice president said the Melbourne branch will be focused on agriculture, property and infrastructure, healthcare as well as renewable energy and natural resources.
The lucrative private wealth management market is also in ICBC’s sights, Wang said the bank is looking to partner with local wealth management firms and expect to become one of the main participants in the sector.
The Australian government has recently introduced a special visa category – significant investor – to attract affluent migrants.
Under the scheme, investors need to invest at least A$5 million in government bonds, managed funds or unlisted private companies to qualify for permanent residency in Australia.