Westpac cleared to open second China branch

Westpac cleared to open second China branch

Westpac (ASX:WBC) has received final approval to open a branch in Beijing.

The company will open the branch, its second in China, on June 29 now it has the all-clear from the China Banking Regulatory Commission.

The office will be located in the Beijing CBD at the World Finance Centre.

Westpac opened its first Chinese branch in Shanghai in 2008, but had first established a presence in China through the establishment of a representative office in Beijing in 1982.

Group executive Rob Whitfield said China is an important strategic market for Westpac's customers. The company intends to open two more branches in the country “in the medium term.”

Elsewhere in Asia, Westpac has branches in Hong Kong and Singapore, as well as representative offices in Mumbai and Jakarta.

WBC shares grew 1.19% in Tuesday's trading to $22.130.

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