Banking News
- Shanghai News
Date: 20-Jun-2007 Sources: (Shenzhen Daily)
WESTPAC Banking Corp., Australia's fourth-biggest bank, said yesterday it had received Chinese regulatory approval to open a branch in Shanghai.
Westpac already has a representative office in Beijing and a branch in Hong Kong. It plans to open the Shanghai branch by the end of 2007. Australian lenders are beefing up their Asian presence to benefit from export-driven economies in the region, and also as growth in the domestic economy slows after 15 years of ceaseless expansion.
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