China Merchants Bank Opens Sydney Branch, Becomes First Chinese Joint-Stock Lender in Australia
Dou Shicong
DATE:  Sep 20 2017
/ SOURCE:  Yicai
China Merchants Bank Opens Sydney Branch, Becomes First Chinese Joint-Stock Lender in Australia China Merchants Bank Opens Sydney Branch, Becomes First Chinese Joint-Stock Lender in Australia

(Yicai Global) Sept. 20 -- China Merchants Bank Co. [SHA:600036] has become the first Chinese-funded joint-stock bank to operate branches in Australia after opening a location in the capital Sydney, online media outlet E-North reported on Sept. 19.

The bank's Sydney branch is its sixth overseas location behind Hong Kong, New York, Singapore, Luxembourg, and London. The lender has recently sought to develop its international presence in order to improve cross-border financial services.

The Sydney branch will prioritize customer services, Tian Huiyu, president, said during the inauguration ceremony. The bank will team up with Australian governments and businesses to facilitate economic and financial cooperation between the two countries.

China Merchants Bank is ranked the fifth among all Chinese-funded banks in terms of market value and profit. The bank earned around USD6 billion in net profits in the first six months of the year, up 11.43 percent annually.

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Keywords:   MSCI,Sydney