In March, the Commonwealth Bank of Australia opened its first branch in mainland China in Shanghai.

The new Shanghai branch represents an important milestone in the bank’s history as it continues to extend its presence into mainland China. Commonwealth Bank of Australia Shanghai Branch will primarily focus on developing large local corporate customers within five target industries: natural resources, infrastructure, transportation and utility and power, and will mainly target Australian, Chinese and Hong Kong corporate/institutional customers based in China.

The bank will continue to work closely with its existing partners in the region which include Qilu Bank, Bank of Hangzhou, First State Cinda and BoCommLife. The Shanghai branch has the capacity to provide corporate and institutional lending, trade finance, foreign exchange and structured asset finance. Stanley Lo has been appointed the branch’s general manager.