China Construction Bank Corporation (CCB) formally opened its Sydney Branch on Tuesday, the first of its branch in Oceania, with Australian former Prime Minister Bob Hawke, Chinese Ambassador to Australia Chen Yuming and around 400 local dignitaries attending.

Zhang Furong, CCB Chairman of the board of supervisors, said at the opening ceremony held at Sydney's Four Seasons Hotel, that CCB Sydney Branch will provide a wide range of commercial banking services including deposits, loans, trade finance, Forex business and other commercial banking business.

Rooted in Australia, CCB Sydney Branch will extend its operation throughout neighboring regions.

He also said the fast growing commercial and trade exchanges between China and Australia provided huge opportunities for CCB's operation in Australia. The establishment of CCB Sydney Branch will enable CCB to follow the steps of its globalized customers, broaden its service supply chain and better service its globalized customers.

Zhang added that CCB Sydney Branch will strictly abide by the principles of prudence and compliance, complying to the guidance and supervision of both Australian and Chinese regulators.

CCB has opened seven branches abroad so far, but Sydney Branch is the first in Oceania and it is also the first Chinese bank that has won the approval to operate in Australia after the global financial crisis in 2008.

CCB is one of the biggest banks in China and is the market leader in wholesale, retail and investment banking business.

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