On Monday 28th April 2014, Agricultural Bank of China (ABC) has officially lauched a Branch in Sydney. The Branch is ABC’s first banking operation in the Oceania region and broadly in the Southern Hemisphere. This signifies an important milestone for the Bank’s global expansion. The Branch will build a foundation for the Bank to expand within Australia and the Asia pacific region.
Australia is one of China’s most important trade partners. The bilateral economic and trade ties have been growing rapidly since the formation of diplomatic relations between the two countries. Currently, China is ranked as the number one trading partner with Australia in terms of both import and export volumes, while Australia is the eighth largest trade partner of China. As of 2013, Trade volume reached USD136.4 billion. Furthermore, China’s investments to Australia have been substantially increasing. Non-finance section investments were USD4 billion for 2013 and overall totaled USD17 billion. The strengthening economic ties have been creating opportunities for the two countries to enhance the partnership in the finance sector and for Chinese banks to extend their services gloabally.
The Sydney Branch will provide its clients with wholesale banking products at its early stage,such as Corporate Lending, Trade Finance, Multi-Currency Settlements, Payments and other services. The Branch capitalises on the Bank’s client base, abundant funds and extensive network. We deliver quality, efficient and convenient cross-border financial services to contribute to the economic relations between China, Australia and the broader Oceania region.
ABC has been continuously expanding its global network. The Bank has 13 offices in 11 regions and countries. Moreover, the Bank has established 1,497 corresponding banking relationships in 135 countries and regions. The Bank therefore leverages this global financial services network to cover all major financial centers, regions and countries that have strong economic ties with China.
The Bank has successfully enhanced its competitive advantage and global reputation. In 2013, the Bank ranked 64th in Fortune’s Global 500 and 10th in The Banker’s “Top 1000 World Banks” list in terms of tier 1 capital for 2012.