CBA strengthens ties with China
(26 August 2011 – Australia) Commonwealth Bank (CBA) is looking to capitalise on its relationship with one of China’s ‘big four’ banks, Agricultural Bank of China (ABC).
CBA announced in Beijing this week that the two banks have agreed to a cross border referral scheme.
The agreement is the first of its kind between a big four Chinese and Australian bank, and will see student and migrant flows and cross-border referrals between the countries.
With more than 320 million retail customers, 24,000 branches and 440,000 employees, Agricultural Bank of China is one of the region’s most respected and recognised financial institutions.
"This agreement presents an amazing opportunity for Commonwealth Bank. ABC is a successful and admired financial institution globally and we are pleased to be able to offer ABC’s customers an opportunity to bank with Australia’s largest and most respected retail franchise," Executive General Manager Retail Sales, Lyn McGrath said.
Founded in 1951, Agricultural Bank of China was publically listed in the world’s largest IPO in mid-2010.
Ms McGrath said following the historic agreement, ABC will be able to offer their clients (granted a VISA to study or migrate to Australia) an option to establish an Australian transaction account via CBA’s International Customer Service (ICS) group based in Shanghai and Sydney.
"It’s a win-win relationship. For ABC it offers value added service for their clients and promotes its one stop banking service, and for CBA it captures the customer flows and provides new arrival banking needs by using its Australian branch network and ICS service," Ms McGrath said.
The agreement is the first of its kind between a big four Chinese and Australian bank, and will see student and migrant flows and cross-border referrals between the countries.
With more than 320 million retail customers, 24,000 branches and 440,000 employees, Agricultural Bank of China is one of the region’s most respected and recognised financial institutions.
"This agreement presents an amazing opportunity for Commonwealth Bank. ABC is a successful and admired financial institution globally and we are pleased to be able to offer ABC’s customers an opportunity to bank with Australia’s largest and most respected retail franchise," Executive General Manager Retail Sales, Lyn McGrath said.
Founded in 1951, Agricultural Bank of China was publically listed in the world’s largest IPO in mid-2010.
Ms McGrath said following the historic agreement, ABC will be able to offer their clients (granted a VISA to study or migrate to Australia) an option to establish an Australian transaction account via CBA’s International Customer Service (ICS) group based in Shanghai and Sydney.
"It’s a win-win relationship. For ABC it offers value added service for their clients and promotes its one stop banking service, and for CBA it captures the customer flows and provides new arrival banking needs by using its Australian branch network and ICS service," Ms McGrath said.
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