Westpac Expands Into Beijing
Further Reading
Westpac (ASX:WBC) has received regulatory approval to open a branch in Beijing. The branch opens on June 29 and is located in the World Finance Centre in Beijing's central business district.
Australia's second-largest lender by value also plans to open two more China branches in the medium term. The two branches are in addition to the Shanghai branch which opened in 2008, the first Westpac branch in China.
Westpac institutional bank group executive Rob Whitfield said: "China is a strategically important market for our customers. We are committed to investing in the region and 'growing offshore to grow onshore.'"
Commonwealth Bank (ASX:CBA) also opened a branch in Shanghai in 2010. ANZ Banking Group (ASX:ANZ) leads the big four in Asian banking exposure, with four branches in China. ANZ also plans to further expand in China with 20 outlets by 2012.
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