Source: Xinhua  11/30/2007

China Construction Bank (CCB), one of China’s four major commercial banks, Friday opened a representative office in Sydney, Australia’s largest city.

China Construction Bank has assets of more than 800 billion U.S. dollars and has the highest credit rating of all China’s banks, according to a statement released by the bank on Friday.

CCB Vice Chairman, Executive Director and President Zhang Jianguo said the Sydney representative office will liaise with the bank’s Chinese clients, and will facilitate and encourage their business or trading in Australia.

At an opening ceremony in Sydney, Zhang said the representative office is the first step toward the bank’s aim of applying for a banking license to establish a branch to offer corporate banking services in Australia.

The representative office opened in Sydney at a time that China became Australia’s largest trading partner, Zhang said.

“We expect to bring benefits to Australia by promoting bilateral trade and would also like to assist Australian companies here to expand their business in China,” Zhang said.

“Our country’s transformation into an advanced economy will continue to generate high growth for the foreseeable future. To assist that growth, and to further diversify our lending, CCB is intent on expanding its services internationally,” he said.

The bank has branches in Hong Kong, Singapore, Frankfurt, Johannesburg, Tokyo and Seoul. It also has representative offices in London and New York.

Headquartered in Beijing, China Construction Bank has more than 300,000 employees throughout 13,629 branches in the Chinese mainland and in its international offices, according to the bank.     

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