Westpac wins Shanghai approval

Westpac (WBC) will open a branch in the newly established Shanghai free trade zone after securing the authorisation of the China Banking Regulatory Commission, according to The Australian Financial Review.

The development follows news that ANZ Bank would open a branch in the free trade region, around Pudong, which is being set up to test further liberalisation of the Chinese economy.

Westpac institutional bank’s chief executive Rob Whitfield told the AFR the new branch will aid with the bank’s funding and foreign exchange operations in China as more of its customers do business in yuan.

It was also reported that Westpac would today announce the appointment of Simon Israel to a non-executive role on its Asian advisory board.