KEY POINTS:
SYDNEY - Westpac Banking Corporation has opened a branch in Shanghai after the Chinese banking regulator approved its application for a financial licence.
"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," Westpac general manager Asia Yogan Rasanyakam said.
"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 in the region."
Rasanyakam said the Shanghai branch would also offer services for small and medium-sized business customers, including import and export settlement.
With 15 full-time staff, the new branch, in Shanghai's financial district, will be headed by Andrew Whitford, general manager, People's Republic of China.
- AAP
