China Banking Regulatory Commission (CBRC) has granted a renminbi (RMB) license to Commonwealth Bank of Australia (CBA) for its Shanghai branch.
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The RMB license will enable CBA to broaden its institutional offering to incorporate all aspects of trade and investment for clients in Australia and China.
The license will also facilitate the bank to enhance its branch offering at Beijing and Shanghai branches besides complementing its presence in the Shanghai Free Trade Zone (FTZ).
CBA Institutional Banking & Markets executive general manager international James Rickward said: "The RMB license increases our ability to deliver holistic tailored solutions that maximise business opportunities and minimise risk for our cross border clients.
"With growth in trade and investment flows expected to accelerate between China and Australia as a result of the China Free Trade Agreement, CBA is now well positioned to support our clients in our specialist sectors of Natural Resources, Utilities, Transport, and Financial Institutions as well as those clients either trading or investing in Australia or New Zealand where we are seeing strong deal flow specifically in the property and agricultural sectors."
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