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Industrial and Commercial Bank of China, Sydney
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Industrial and Commercial Bank of China Limited, Sydney Branch OverviewICBC initially established its presence in Australia in 1999 as a representative office. With the steady growth of Sino-Australia bilateral trade and economic exchange between the two countries since that time, ICBC's business operations in Australia became more strategic to the group from 2005 onwards.On 19th May 2008, the Australian Prudential Regulation Authority (APRA), approved Industrial and Commercial Bank of China Limited as a foreign authorized deposit taking institution (ADI) authorizing it to carry on banking business in Australia. On 23rd September 2008, the Ambassador of the People's Republic of China, his Excellency Mr. Junsai ZHANG, the premier of NSW the Hon. Nathan Rees, and other distinguished guests witnessed the branch's opening ceremony in Sydney. The successful establishment of a Sydney branch is regarded as a significant breakthrough in the bank's progress towards internationalization, by strengthening its ability to improve its international management standards and to provide a comprehensive range of customer services to Australia – New Zealand, one of the most prosperous regions in the Southern hemisphere.