Westpac opens FTZ sub-branch
Print Edition
SYDNEY-HEADQUARTERED Westpac Banking Corp yesterday announced the opening of its new sub-branch in Shanghai’s free trade zone to support clients through easier investment controls and financial liberating policies in the zone.
The branch completed a trade financing deal for a multinational company with a subsidiary in the FTZ, said Raymond Wang, general manager of the new sub-branch.
China and Australia reached a free-trade agreement last month. Under the terms of agreement, Australia will remove tariffs on all goods imported from China, and a vast majority of Australian products will enter China tariff-free.
“The closer economic relations built between the Chinese and Australian governments last month reinforce the strategic value of the Shanghai FTZ,” said Rob Whitfield, Chief Executive Westpac Institutional Bank. “Westpac is well positioned to help customers capitalize on the increasing trade, investment and capital flows as we are one of the first banks in Australasia to connect with the yuan hub in Sydney.”
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