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China Construction Bank expands into Australia

China Construction Bank Corp, the world's second-largest bank by value, has opened its first Australian office in Sydney as it seeks to expand its operations in the country.

"We expect to bring benefits to Australia by promoting bilateral trade and would also like to assist Australian companies in Sydney to expand their business in China," Zhang Jianguo (張建國), president of the Beijing-based company, said in a statement posted on the Chinese government's Web site yesterday.

China has overtaken Japan to become Australia's largest trading partner, with the value of the two nations' trade doubling in three years to A$40 billion (US$35 billion) last year. Commodity exports from Australia, the world's biggest shipper of coal, iron ore and wool, may rise to a record for a fourth straight year as Chinese demand pushes up prices and volumes.

Construction Bank will apply for a license in Australia to offer corporate banking services, Zhang said.

The bank has more than US$800 billion in assets and has the highest credit rating of all China's banks, the Chinese government's statement said.

Australia's Reserve Bank Deputy Governor Ric Battellino and Zhao Lin (趙林), the company's vice president, attended the opening of the Sydney branch on Friday, along with 300 invited guests, Construction Bank said in a statement on its Web site.

Establishing a presence in Australia is "an important strategic step of China Construction Bank's overseas business expansion plan," the statement said. "Our country's transformation into an advanced economy will continue to generate high growth for the foreseeable future."

The bank will seek to promote new trade partnerships and conduct market research in Australia, it said in the statement. It is also seeking to expand operations in Vietnam, the US, the UK and the Middle East, it said.
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