Australia welcomes a new Chinese bank to Sydney
12 December 2011
China’s fifth largest bank, the Bank of Communication (BOCOM), has opened its first Australian branch in Sydney, making it the fourth Chinese bank to launch branch operations in Australia.
The bank will invest A$100 million in its Sydney branch offering a range of financial services including corporate banking, trade finance and treasury. Over the next five years, the branch is expected to create 35 new jobs.
BOCOM’s new Sydney branch and Chinese banks’ continuous interest in expanding their business operations in Australia reflects the strong economic and trade relationship between Australia and China.
China is Australia’s largest two-way trading partner, accounting for 19.1 per cent of Australia’s total trade in goods and services. The total value of trade between Australia and China reached A$105.3 billion in 2010.
Austrade, in conjunction with the NSW Government, has been assisting BOCOM in its Australian expansion.
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