The new branch, located in Beijing, will offer institutional banking and markets services denominated in foreign currencies, including institutional deposit and lending services, trade finance, money market services and foreign exchange.
CBA group executive of international financial services Simon Blair said the new branch would further extend the reach of the bank in China.
“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 Blair said.
CBA first established a representative office in Beijing in 1992.
Since then, it has developed strategic investments with Qilu Bank and Bank of Hangzhou, a joint venture partnership with Bank of Communications in Shanghai, a joint venture funds company with Cinda in Shenzhen, and opened its first institutional banking branch in Shanghai in 2010.
It also created 10 county banks in Henan and Hebei provinces.
CBA executive general manager, corporate and institutional banking for Asia James Rickward said CBA’s Hong Kong, Shanghai and Beijing operations will allow it to service mainland clients both onshore in China and also offshore 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,” Mr Rickward said.
Tony Zhag has been appointed as managing director and Beijing branch manager.
Mr Zhag currently manages CBA’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,” said Mr Blair.
