SYDNEY, April 28 (People’s Daily Online) -- On Monday 28th April 2014, Agricultural Bank of China (ABC) has officially launched a Branch in Sydney. The Branch is ABC’s first banking operation in the Oceania region and broadly in the Southern Hemisphere. This signifies an important milestone for the Bank’s global expansion. The Branch will build a foundation for the Bank to expand within Australia and the Asia pacific region.

Mr. Yun Zhang, Vice Chairman and President of Agriculture Bank of China, said at the opening ceremony, that at the end of 2013, ABC had total assets of 2.4 trillion U.S. dollars, and net profit of 27.3 billion U.S. dollars. The bank ranked 64th in the Fortune’s Global 500, and in the British magazine ‘Banker’s Top 1000 World Banks’, ABC ranked 5th in terms of pretax income, 10th in terms of tier one capital and 8th in terms of market capitalization.

He said that opening a branch in Sydney will provide ABC with greater opportunities to strengthen cooperation with Australian peers, enhance global operation capabilities, and offer comprehensive quality and efficient financial services to the customers.

The Sydney Branch will provide its clients with wholesale banking products at its early stage, such as Corporate Lending, Trade Finance, Multi-Currency Settlements, Payments and other services. The Branch capitalises on the Bank’s client base, abundant funds and extensive network. It delivers quality, efficient and convenient cross-border financial services to contribute to the economic relations between China, Australia and the broader Oceania region.

ABC has been continuously expanding its global network. The Bank has 13 offices in 11 regions and countries. Moreover, the Bank has established 1,497 corresponding banking relationships in 135 countries and regions. The Bank therefore leverages this global financial services network to cover all major financial centers, regions and countries that have strong economic ties with China.