18 September 2012

Chinese banks ICBC and CCB to invest $30mn and create 80 jobs in Melbourne, Australia

18 September 2012 - Two of the world's largest banks will set up operations in Melbourne, providing an investment of more than $30 million to Victoria and generating up to 80 jobs, Premier Ted Baillieu announced today in Beijing. 

Mr Baillieu said the Industrial and Commercial Bank of China (ICBC) and the China Construction Bank (CCB), the world's largest banks by market capitalisation, would open branches in Melbourne later this year. 

"Victoria's financial sector will benefit from this fantastic opportunity that will create more than 50 local jobs in the Melbourne ICBC branch," Mr Baillieu said. ICBC, the world's largest bank, has a strong global presence reflected in more than 18,000 outlets including 106 overseas branches and agents, and a market capitalisation of approximately $200 billion. 

The China Construction Bank is the second-largest bank in the world and will bring more than 30 local jobs when its branch opens in Melbourne. "I am delighted the Industrial and Commercial Bank of China and the China Construction Bank have chosen our great city of Melbourne to expand their financial services," Mr Baillieu said. 

The ICBC announcement builds on the Premier's super trade mission to China last year, when ICBC signed a Memorandum of Understanding with Victorian-based investment firm EMR Capital for joint resources investment. 

Mr Baillieu said Melbourne was home to a critical mass of financial services firms and was a centre for investment management. "More than 110,000 people across 1,000 financial services providers are based in Melbourne, as well as 40 banks, 60 funds management firms and 25 major superannuation funds," Mr Baillieu said. 

Two of Australia's largest banks – ANZ and National Australia Bank – and Australia's two largest health insurers, Medibank Private and BUPA, are based in Melbourne. 

"Victoria also has a thriving Chinese business community and Melbourne hosts a number of high-profile Chinese companies," Mr Baillieu said. Chinese companies such as Hisense, Bank of China, the CITIC Group, ChemChina, Minmetals and Huawei all have a presence in Melbourne. 

The Melbourne branches of the Industrial and Commercial Bank of China and the China Construction Bank are expected to open in November this year. 

The announcements were made as part of the 2012 super trade mission to China, which is the largest trade mission ever to leave Australian shores. The trade mission sets a new global benchmark, with more than 650 delegates representing more than 400 world class organisations participating. The mission is targeting 13 cities across China and it is anticipated more than 2,000 business meetings will occur over the course of the week. 

Source: Premier of Victoria