Westpac opens Shanghai office

MELBOURNE: Westpac Banking Corporation Ltd has expanded its presence in Asia and opened a new branch in China, following regulatory approval.
The bank, which has offices in Beijing and Hong Kong, has opened a new branch in Shanghai after the China banking regulatory commission approved a financial licence.
Westpac’s general manager of Asia Yogan Rasanayakam said the establishment of a branch in Shanghai would assist customers who are benefiting from China’s demand for resources and 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 who are doing business in the region,” Rasanayakam said in a statement.
He said the office in China’s “financial capital” would cater for small to medium sized business customers through services, including import and export settlement.
“As Australia’s largest trading partner, China offers significant growth opportunities for many of our customers,” Rasanayakam added.
“Today’s opening of Westpac’s Shanghai branch is an important part of our strategy to be represented in the markets where our customers need us.”
The opening of Shanghai branch comes 25 years after the bank opened an office in Beijing.
The new branch will be headed by general manager Andrew Whitford. – AAP