BRANCH BANKING | Staff Reporter, Australia

Australian bank to increase presence in China and Indonesia

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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