China's ICBC Expands in Australia, To Open Melbourne and Brisbane Branches
Seeing Australia's potential as a vast, emerging economy, the Industrial and Commercial Bank of China (ICBC) gears to provide more banking services to its growing clientele by opening branches in Melbourne and Brisbane in 2012.
At the same time, ICBC will provide further funding to support Australia's growing infrastructure requirements, according to Han Ruixiang, ICBC's general manager in Australia, who announced the expansion plans during an Australia China Business Council lunch in Melbourne on Wednesday.
ICBC had written almost $15 billion of business since introducing its first Australian branch in Sydney sometime in 2008. In October, it launched its second branch in Perth.
Mr Han revealed that of its 40 corporate clients, one third were actually Australian companies, such as Westfield and Qantas.
As trade and investment relations grew between China and Australia, it was inevitable that Chinese corporations and Chinese individuals seek the familiarity of systems and comfort offered by a Chinese bank while in Australia.
"(Chinese institutions and Chinese people in Australia) demand (we bring) our services (here), too," Mr Han said in The Australian.
Han also disclosed ICBC had provided capital funding for several projects such as Victoria's desalination plant, the Royal Adelaide Hospital renovation, and coal loaders in Newcastle and Queensland.
"I'm happy to bring some Chinese savings to Australia to invest in infrastructure here," he said.