CCB opens in Melbourne

China Construction Bank plays catch-up to its Big Four rivals.

The world’s second largest bank has opened a branch in Melbourne’s central business district, belatedly following in the footstep of Big Four rivals. The CCB branch will focus on wholesale banking, trade finance and private wealth management. The bank has a Sydney branch.

executive vice president Zhang Furong said the opening of the Melbourne office is a significant step in the overseas expansion strategy of the bank.

“It will strengthen the business capability of our Sydney branch and extends our operation nationally.’’

CCB Melbourne will be actively promoting our financial and consultancy services to high net worth clients, many of whom will be rich Chinese migrants in Australia.

Australia will soon issue a special category of ‘‘significant investor’’ visa that targets affluent Asian investors. Chinese banks are expanding in Australia due to the Eurozone debt crisis that has significantly curtailed the presence of European banks in Asia.