China's fifth largest bank, the Bank of Communications, has chosen Sydney for its first branch in Australia.
NSW Treasurer Mike Baird said the Bank's commitment to invest $100 million in establishing the branch and expanding its business operations in Sydney was a further vote of confidence in the city as a financial hub in the Asia Pacific.
"This investment will further enhance the city's appeal as a financial centre for a growing number of international banks," Mr Baird said.
"BOCOM's expansion to a full branch office makes Sydney its key regional location in the Southern Hemisphere.
"Of the 59 authorised deposit-taking banks operating in Australia, 57 are based in Sydney, cementing it as the nation's finance capital," Mr Baird said.
BOCOM's head office is in Shanghai and it has branches in Hong Kong, New York, San Francisco, Tokyo, Singapore, Macau, Seoul, Ho Chi Minh City and Frankfurt. It opened a representative office in Sydney in 2009.
With total assets in excess of $680 billion, it is one of the major financial services providers in China. It was founded in 1908 and has about 2700 outlets worldwide.
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