Commonwealth Bank opens first Chinese branch

SHANGHAI - Commonwealth Bank of Australia (CBA), the largest lender by market capitalization in Australia, opened its first Chinese branch in Shanghai on Friday, with an eye on the ballooning natural resources trade between the two countries.

"Our new branch's initial focus will be on corporate customers by providing our particular expertise in the natural resources, infrastructure financing, and structure asset finance industries," said Ian Saines, group executive of CBA.

The Sydney-based bank is only allowed to operate wholesale business in non-local currency for the first three years in China subject to the nation's regulatory policies.