Westpac To Establish A Sub-Branch In the Shanghai Free Trade Zone
Westpac Banking Corporation (Westpac) has received the approval from China Banking Regulatory Commission (CBRC) to become one of the first foreign banks to set up a sub-branch in the Shanghai Free Trade Zone.
The approval marks a significant milestone in the extension of Westpac’s service offering in China across trade finance, structured commodity finance, debt capital markets, derivatives and FX.
Gail Kelly, Chief Executive Officer Westpac said, “As Australia’s largest trading partner, China is an extremely important market for Westpac and our customers. We are committed to helping our customers build stronger opportunities within China and our presence in the Free Trade Zone marks a significant step toward providing even deeper support.”
The Shanghai Free Trade Zone has the potential to bring large benefits to foreign companies including fewer restrictions on raising capital in China, and more simplified requirements and procedures for trade.
According to Westpac Institutional Bank Chief Executive, Rob Whitfield, Westpac’s market leadership in CNY/AUD trade is facilitating the beginnings of a strong and regional financial hub of which Australia can play a key role.
“A large number of our corporate and commercial customers already have business dealings with China and already demand, or expect their use of CNY-related services to increase,” Mr Whitfield said.