Bank of Communications Co. Ltd.
A.B.N. 74 137 909 963
Media Release 14 October 2011
BANK OF COMMUNICATIONS ENTERS AUSTRALIAN BANKING MARKET
Today, one of China’s Top 5 banks, Bank of Communications Co., Ltd. received a Foreign Bank Branch License from the Australian Prudential Regulation Authority.
Founded in 1908, Bank of Communications Co., Ltd. (the “Bank”) is one of the oldest banks in China as well as one of the note-issuing banks in modern China. The Bank was listed on the Hong Kong Stock Exchange in June 2005 and on the Shanghai Stock Exchange in May 2007.
Bank of Communications Co. Ltd. is a Fortune 500 Company and rated BBB+ by Standard and Poor's and A- by Fitch. The Bank is ranked No. 35 in terms of tier-one capital among the global top 1,000 banks, and No. 24 in terms of profitability, by The Banker  magazine.
The organisation has more than 86,600 employees and approximately 3,000 domestic branches, sub-branches and international offices.
The Bank’s Australian operations, will be based out of Sydney and focus on the existing strong relations between Australia and China. China is now Australia's largest trading partner and bilateral activities continue to grow in the areas of trade, investment, education and tourism. Initially, Sydney Branch will leverage off its existing global customer network, enhance relationships with Chinese–Australian businesses and progressively focus on developing new relationships with quality local corporations.
The Bank intends to hold the official opening ceremony on 20 November with senior members of the Bank’s Board flying in for the launch.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Hongde YU,
General Manager & Chief Country Representative,
Bank of Communications Co. Ltd.,
Level 27, 363 George Street,
Sydney, NSW, 2000.
Tel: (02) 8029-8888