CMB Authorised as a Foreign ADI for Banking Operations in Australia

2018-08-31 03:20:00

China Merchants Bank Co. Ltd. (CMB) became the first and up to date the only authorised Chinese joint-stock commercial bank in Australia on 19th June 2017. The Australian Prudential Regulation Authority (APRA), financial services regulator in Australia, authorised CMB for its proposed Sydney Branch to conduct banking business as an “Authorised Deposit-taking Institution” (ADI). CMB is also the first Chinese bank that has secured authorisation without setting up a prior representative office in Australia.

CMB’s ‘going global’ strategy has in recent years focused on establishing overseas branch offices. The inception of its Sydney Branch has allowed CMB to expand its international business network to cover Asia, Europe, the United States and now Australia. Notably the CMB Sydney Branch is the sixth overseas branch established after Hong Kong, New York, Singapore, Luxenberg and London.

Australia has one of the largest and most advanced financial services markets in the Asia-Pacific region, furthermore, its rigorous regulatory environment has in place a high threshold for market entry。 CMB Sydney Branch’s record-setting establishment has come true on account of its outstanding managerial capacity, innovative application documentation as well as proactive responses。

The total bilateral trade flow between Australia and China has rocketed from less than 100 million USD in 1972, when the two nations first established formal diplomatic relations, to over 100 billion in 2016, accounting for more than a quarter of Australia’s total international trade flows. China was also Australia’s biggest trade partner in the last eight consecutive years. The China-Australia Free Trade Agreement (ChAFTA) came into effect on 20 December 2015, opening unprecedented opportunities for trade between the two countries. The rapidly developing bilateral economic relations have not only presented both countries with extensive opportunities for financial cooperation, but also laid the foundations for Chinese banks to further enhance their international business, and to this effect CMB has successfully grasped the opportunity and led a new trend yet again.

CMB Sydney Branch will serve to facilitate cooperation in energy, trade and infrastructure development between the two countries, according to the general manager of the Branch。 The Branch will focus on integrated cross-border financial services regarding mergers and acquisitions, private banking and financial markets。 The Branch will also assist in the growth of cross-border business with respect to RMB and various innovative dual currency products。

Leveraging on the rapid growth in bilateral trade between China and Australia, it is very likely that CMB will once more experience a period of rapid progress in its international financial business. Expectedly CMB will continue to play a leading role in serving and contributing to the development of bilateral trade and economic ties between the two countries.

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