(20 June 2007 – China) Westpac is set to open its first branch in Shanghai following the China Banking Regulatory Commission giving the bank the go-ahead.The branch, due to open at the end of this year, will enable Westpac to service both Australian and Chinese customers.
‘There are a growing number of Australian and New Zealand corporate and business banking customers who have business interests in China and who need access to trade and corporate fees,’ Westpac group executive for Institutional Phil Chronican said.
Until now Westpac has had a representative office in Beijing and a branch in Hong Kong.
‘China is now Australia’s second largest trading partner and we will be looking to support the financial and trade flows between China and Australia and New Zealand,’ Chronican said.
‘We will look to support Chinese corporates who want to do business in either Australia or New Zealand and to serve the financial needs of the growing Chinese migrant and student population moving to Australia and New Zealand,’ he said.