Business / Companies

Bank of China seeing rosy growth in Australia

(Xinhua) Updated: 2015-03-12 14:46

SYDNEY -- Bank of China is celebrating its growth in Australia and has become a shining example of Chinese companies going global.

Bank of China is the largest Chinese company in Australia in terms of asset size and is the first Chinese bank to operate in Australia with a full banking license.

By the end of 2014, total assets stood at nearly A$30 billion (about $23 billion) with pre-tax profits exceeding 300 million Australian dollars and after-tax profit of over 200 million Australian dollars. It has now expanded to nine branches with more than 300 employees.

Bank of China told Xinhua that it fully supports the national strategy of "Chinese companies going global" and has worked with companies such as Yancoal, Minmetals, and China Molybdenum.

The bank has established business relationships with more than 80 percent of the "going global" companies.

Over the years, Bank of China has been committed to promoting the economic and trade partnership between China and Australia by providing financial services to customers, both Australian and overseas Chinese.

The bank said it is the first banking choice for Chinese companies in Australia. Meanwhile, Bank of China has established close working relationship with many world top 500 companies in Australia and ASX-listed 200 companies.

Bank of China plays a very important role once again in the process of RMB internationalization. It was the first bank to undertake RMB business in Australia, and has rolled out many products and services as a pioneer in cross-border RMB business in the Australian market which it services as the largest provider of RMB business.

As more confidence has grown in Sino-Australian relations, the degree of mutual economic dependence has reached new heights.

Bank of China said it was now expanding its client base to include leading enterprises in Australian industry, local governments, financial institutions and other customers, with an aim to integrate into the mainstream of the local Australian market.

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