Large Asian banks look to set up in Australia

27 July 2009

An increasing number of Asian Banks are seeking regulatory approval and setting up operations in Australia.

“Last year the world’s biggest bank by market capitalisation, the Beijing-based Industrial & Commercial Bank of China, opened a branch in Sydney,” said Gary Johnston, Austrade’s National Industry Manager for Financial Services.

“And more recently, the Bank of Communications of China has received Australian Prudential Regulatory Authority (APRA) to set up a representative office in Australia,” he said.

“These moves reflect considerable international interest in Australia’s financial services.”

Tim Harcourt, Austrade’s Chief Economist agreed. He said that this high-performing sector in Australia has been shown great resilience during the recent economic downturn.

“During the global financial crisis, the strength of Australia’s banking and financial institutions have come to the fore,” said Mr Harcourt. “Along with the float of the dollar, tariff reforms, and the introduction of superannuation, financial sector reform in Australia has placed the country as one of the strongest and fool-proof economies in the OECD.”