BANK of China has added to its international network by this week officially launching a corporate banking branch in Perth after a 12-month trial.
The 98-year-old bank, which has more than 10,000 branches and outlets throughout 28 countries, is currently engaged in major syndicated resource-based lending projects in Western Australia.
Speaking at the launch in Perth, Bank of China president Li Lihui said with its vast customer base in China, the Beijing-headquartered bank could be expected to deliver greater breadth and depth to the WA-China economic partnership.
Mr Li said the St Georges Terrace branch would serve as the foremost financial link between WA and Chinese business through the bank’s services, which include specialised trade finance, international payments, forex and corporate and syndicated lending products and facilities.
Bank of China, one of the first foreign banks to be granted a full banking licence in Australia, has recently offered loans to cooperative projects between China Minmetals Corporation and Oz Minerals, as well as Felix Resources and YanCoal Australia.
It has also provided syndicated loans to major Australian corporations such as Telstra.
Premier Colin Barnett said the Perth branch was a symbolic step in strengthening economic ties with China, highlighting that trade between Australia and China had grown from $300 million 20 years ago to almost $30 billion.
