Australian, international and Chinese organisations operating in Beijing, China, are now able to source a range of corporate and institutional banking services from Commonwealth Bank of Australia with the opening of a Beijing branch.
Mr Simon Blair, Group Executive of International Financial Services at Commonwealth Bank of Australia said the new branch, located at China World Tower in Beijing, further extends the reach of Commonwealth Bank of Australia in China.
Blair said: "The opening of the Beijing branch is an important occasion for Commonwealth Bank of Australia as it represents our second institutional banking branch in China and is an important step in our strategy for China. Since 1992 when we first opened a representative office in Beijing, Commonwealth Bank of Australia has been increasing its presence in China.
"Commonwealth Bank of Australia has strategic investments in Qilu Bank and Bank of Hangzhou, a life insurance joint venture partnership with Bank of Communications in Shanghai, a joint venture funds management company with Cinda in Shenzhen, and we opened our first institutional banking branch in Shanghai in 2010. Commonwealth Bank of Australia has also established 10 county banks in Henan and Hebei provinces. Commonwealth Bank of Australia has more than 20 years’ experience operating financial, banking and insurance services across Asia and the Group is committed to looking for prudent opportunities to expand and enhance our presence."
Mr James Rickward, Executive General Manager, Corporate and Institutional Banking, Asia at Commonwealth Bank of Australia said China is a strategic market for the Group.
Rickward added: "Our Hong Kong, Shanghai and Beijing operations allow us to service mainland clients both onshore in China but also offshore such as in Hong Kong, Australia and New Zealand. The business will focus on those clients involved in the trade and investment flows between Australia, New Zealand and China as well as clients operating in the natural resources, transport and financial institutions sectors where we have built global capabilities."
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The new Beijing branch will provide institutional banking and markets services denominated in foreign currencies, such as institutional deposit and lending services, trade finance, money market services, and foreign exchange.
Mr Blair said Tony Zhang will be Managing Director and Beijing Branch Manager.
Blair added: "Tony is also in charge of Commonwealth Bank of Australia’s financial institutions group business in North Asia. I am confident that Tony’s proven track record in growing client relationships will help ensure that Commonwealth Bank of Australia continues the great business momentum we have established in the region."
Commonwealth Bank of Australia is Australia’s largest financial services institution by market capitalisation. In Asia Commonwealth Bank of Australia employs more than 3,200 people across seven countries including China, Hong Kong SAR, Singapore, Vietnam, Indonesia, India and Japan. In China Commonwealth Bank of Australia has almost 500 employees.
In line with its capability-led international strategy, Commonwealth Bank of Australia is active across Asia with institutional banking and markets, asset management, private banking, retail and small and medium enterprise banking.