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Australian banking giant gains approval to open Beijing branch

Xinhua, May 22, 2015 Adjust font size:

The National Australia Bank (NAB) will open its second branch in the Chinese mainland after receiving business approval in Beijing, the bank announced on Friday.

NAB, the fourth largest bank by market capitalization in Australia and 21st largest in the world, joins local rivals Commonwealth Bank, Westpac and the Australia and New Zealand Banking Group (ANZ) as Australian banks with multiple branches in the Chinese mainland.

The new branch, which the China Banking Regulatory Commission only recently approved, will replace the representative office the bank currently operates in Beijing. The bank currently operates a branch in Shanghai, and another in Hong Kong.

NAB Group Executive Business Banking, Angela Mentis, said the Beijing branch will support Chinese institutional and corporate clients wanting to invest in Australia and New Zealand, as well as clients from Australia and New Zealand needing a way into the Chinese market.

"NAB's purpose in Asia is clear - we are there to support Australian and New Zealand business in Asia and Asian business in Australia and New Zealand," Mentis said in a statement.

"This new branch will help us to open new doors for our Australian and New Zealand customers in China."

Mentis said findings from the Australia China Business Council' s (ACBC) 2014 Australia-China Trade Report showed the Australia- China economic relationship is broader than previously assumed and Chinese investors were looking to capitalize across the market.

"NAB has expertise across the natural resources, energy and utilities, and food and agribusiness sectors, which will be key areas of focus in China over the coming decades," Mentis said.

"We think the ever-increasing trade flows between Australia, New Zealand and China provide terrific opportunities for Australian and New Zealand businesses that are looking to increasingly gain exposure to the biggest growth economy in the world."

Mentis said the Beijing branch will open its doors later this year. Endi