With the aim of supporting greater Australian-Chinese trade, Westpac has opened a new branch in Shanghai, after securing approval from the Chinese banking regulators.
The fully-licenced branch will be offering working capital, letters of credit, and all forms of trade finance to its clients.
The Australian bank first established a Chinese presence in 1982, when it set up a representative office in Beijing.
Heading up the new Shanghai office as general manager will be Andrew Whitford, and the branch will be based in the financial district of the Chinese city.
"Given the deep trading links between China, Australia and New Zealand, it makes good business sense for Westpac to establish a branch in the financial capital of China,” comments Yogan Rasanyakam, Westpac general manager for Asia.
"In particular it will assist customers who are benefiting from China's demand for Australia's resources and New Zealand’s agricultural products. China is now the world's growth engine and this new branch provides Westpac with a stronger capability to assist Australian, New Zealand and Chinese customers who are doing business in the region."
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