Top 4 Australia banks ride on China’s growth

ANZ, NAB, Commonwealth Bank, and Westpac are competing for pole position in Australia’s largest trading partner.

The Australian Westpac Banking Corp is planning a further expansion into the lucrative China market, after celebrating the opening of its second branch in Beijing on Wednesday.

Westpac plans to open at least two more branches to support its institutional and corporate clients as well as to service the growing number of Chinese companies looking to engage with Australia over the next few years.

"China is Australia's largest trading partner and the opening of our Beijing branch better positions us to support our customers ' trade and investment flows between China and Australia and New Zealand," Westpac Institutional Bank Group Executive Rob Whitfield told Xinhua from Beijing.

"Extending our footprint and increasing our capabilities in China is central to supporting customers in China and the wider region. The increased geographical coverage provided by the Beijing branch is a significant step, enhancing our ability to support customers with business interests in the North of the country."

Australia's "big four" banks have been intensifying competition to secure a foothold in China, with the Australia New Zealand bank (ANZ), National Australia bank (NAB) and the Commonwealth Bank, all jostling for pole position.

The NAB announced this week that it had finally received the green light from the China Banking Regulatory Commission to open its first branch in Shanghai later this year.

View the full story in People’s Daily Online.