Westpac Institutional Bank has become the third bank to receive license from the China Banking Regulatory Commission (CBRC) for trading derivatives in China.
The new license will allow Westpac’s Shanghai and Beijing branches to launch its new derivatives business and establish the required technology and infrastructure to focus initially on developing G7 interest rate derivatives.
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Westpac aims to expand product and service capability in the region across trade, structured commodity finance, debt capital markets, as well as derivative and foreign exchange products.
Rob Whitfield, CEO of Westpac, said that receipt of the licence from the CBRC is a critical step in enabling the Bank to further support the increasing flow of trade and capital for customers onshore in China.
"China is a very important market for Westpac and this license not only forms a significant milestone for the growth of our local business, but further demonstrates our commitment in deepening our renminbi capabilities across all our core markets in Asia," Whitfield added.
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