Commonwealth Bank of Australia intends to generate more than half its profit overseas.
To do so will require the bank to establish a new branch in Beijing and speed-up the rollout of its 87-strong branch network in Indonesia. Chief Executive Ian Narev also said CBA will boost its yuan-denominated offerings and trade finance capabilities.
Narev emphasized CBA's commitment to China by investing in its banking system and strengthening its existing partnerships with regional banks. CBA has a branch in Shanghai.
He said CBA’s plans for Indonesia will see it focus on providing financing to small- and medium-sized enterprises and to the country's expanding middle class.
CBA derive more than 50% of revenue and profit offshore and more than a third of its funds under management from offshore clients.
CBA is Australia's largest retail bank and offers customers a range of products and services, including loans, credit cards, transaction and savings accounts.
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