Deputy Premier Andrew Stoner, who attended the launch, said the new branch would create more than 30 new jobs over the next 3 years. The Agricultural Bank of China is the latest of the ‘Big Four’ banks to open a Sydney branch, joining Bank of China, Industrial and Commercial Bank of China, and China Construction Bank, all of which have opened branches in Sydney.
“The launch of the Agricultural Bank of China’s new Sydney branch cements the city’s status as Australia’s financial capital and as a leading financial centre in the Asia Pacific,” Mr Stoner said.
China is currently NSW’s largest trading partner, with bilateral merchandise trade between NSW and China valued at more than $27 billion in the last financial year. It is expected that the new Agricultural Bank of China Sydney branch will encourage more Chinese companies to invest in NSW.
Mr Stoner said the move would also ensure Sydney is well-positioned to benefit from growth in the use of the Chinese currency, the Renminbi (or Yuan), as a globally traded currency.
“The NSW Government’s engagement with China, together with Sydney’s growing international reputation as a major financial player in the region, puts us in a strong position to benefit from the opportunities ahead”.