Westpac Banking Corporation (ASX:WBC) has gained approval from the China Banking Regulatory Commission (CBRC) to become one of the first foreign banks to set up a sub-branch in the new Shanghai free trade zone.
Westpac’s Institutional Bank Chief Executive Rob Whitfield says a large number of their corporate and commercial customers already have business dealings with China and already demand, or expect their use, of Chinese Yen related services to increase.
The bank says the Shanghai free trade zone has the potential to bring large benefits to foreign companies including fewer restrictions on raising capital in China and more simplified requirements and procedures for trade.
Westpac Banking Corporation reported a net profit of $6.89 billion in the 2013 financial year.
