Banking

China Construction Bank OK'ed to open Sydney branch

(Xinhua)
Updated: 2010-08-06 10:29

BEIJING - China's second largest bank, the China Construction Bank (CCB), said it has been approved by the Australian Prudential Regulation Authority to set up a branch in Sydney.

The branch would be allowed to provide deposit services, loans, trade financing, foreign exchange trade and other commercial banking services, said a statement on the bank's website Thursday.

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The approval was given by the Australian regulator on Wednesday, the statement said, but gave no details on when services would be open.

The Sydney branch would be the bank's ninth outlet abroad, after branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo, Seoul, New York and Ho Chi Minh city.

The statement said the branch would be able to better serve trade and investment, and financial cooperation between China and Australia.

The branch approval came after CCB opened a representative office in Sydney on November 31, 2007, as a first step to establish a branch to offer corporate banking services in Australia.

Net profit of the bank rose 15.32 percent year-on-year to 106.84 billion yuan ($15.65 billion) in 2009. Total assets rose 27.37 percent to 9.62 trillion yuan from a year earlier.