China Construction Bank Sydney Representative Office Opened

China Construction Bank Sydney Representative Office is officially opened on November 30^th, 2007. Present in the ceremony are Mr. Zhang Junsai, Ambassador of People’s Republic of China to Australia, Mr. Henry Tsang MLC，Parliamentary Secretary to the Premier of  NSW Government, Mr. Ric Battellino, Deputy Governor of Reserve Bank of Australia (the Central Bank), Mr. Wayne Byres, Executive General Manager of Australian Prudential Regulation Authority, Mr. Zhang Jianguo, President of China Construction Bank, Mr. Zhao Lin, Vice President of China Construction Bank and more than 300 guests from all sectors of Australia.

 

China and Australia are both influential countries in Asian-Pacific Region. In the 35 years since the official establishment of diplomatic relationship between the two countries, mutually beneficial cooperation has been built in an all around way. In the first half of 2007, Sino Australia bilateral trade volume amounts to USD 19.5 billion, an increase of 35% year on year. By now, Australia is the ninth largest trades partner of China, and more importantly, the key energy and mineral resources cooperation partner. Meanwhile, China is the second biggest trades partner of Australia. China Construction Bank has also established some certain asset portfolio base in Australia. Setting up of an organization in Australia is always an important strategic step of China Construction Bank’s overseas business expansion plan, and fits into the objective needs of the trade and financial cooperation between the two countries. After the opening of our Sydney Representative Office, efforts will be made to promote the Sino Australia cooperation in trade and among banks, to assist China Construction Bank head office and branches to conduct customer marketing and market research, and to actively apply for the upgrading of the Representative Office into an operating organization.

 

China Construction Bank is a super-large commercial bank in China. In 2003, the Bank, as the pilot of China’s commercial bank reform, implemented financial restructuring, established a corporation, and successfully realized its public listing. On October 27th, 2005, China Construction Bank was the first state-owned commercial bank to be listed in the Hong Kong Stock Exchange. On September 25th of this year, the A shares of the Bank was successfully listed in the Shanghai Stock Exchange. During the reform of China Construction Bank, a standard corporate governance structure was built in the company, operating system and mechanism were further reformed based on a “Customer-Driven” operating concept, business processes were re-engineered, market expanded, internal management and risk control strengthened, and therefore, realized a rapid growth in business and a tremendous increase in profitability.

 

China Construction Bank’s achievements in reform and development are widely recognized at home and abroad. The Bank was named as the “Most Profitable Bank in Asia” by Asiaweek magazine in 2006, the “Best Corporate Governance Company” by the Asset magazine in 2007,the “Best Banks in Emerging Markets—the Best Bank in China 2007” by the Global Finance magazine, the “Capital China Outstanding Bank Award ” by the Capital magazine. By the end of this September, the total asset of China Construction Bank reaches 6406 billion RMB, an increase of 17.57% than that of the last year. The net profit reaches 57.1 billion RMB, an increase of 52.9% than that of the last year. China Construction Bank’s average return on shareholder’s equity is 22.86%, capital adequacy ratio is 12.53%, and the core capital adequacy ratio is 10.6%. Currently, the Bank is the second largest Chinese bank in terms of asset and its total market capitalization (including A share in Shanghai market and H Share in Hong Kong market) ranks No.2 in global listed banks. China Construction Bank is striding forward to a higher goal to build itself to be a world-leading bank.

 

After set up its first representative office in London in 1991, China Construction Bank expands its oversea organization gradually and set up branches in Hong Kong, Singapore, Frankfurt, Tokyo, Johannesburg and Seoul successively. China Construction Bank also has 2 fully owned subsidiaries in Hong Kong and representative offices in New York and London. The opening of China Construction Bank Representative Office in Sydney will further improve the Bank’s global network in the major financial centers. In order to accelerate the its international business and provide better financial solutions for domestic and international customers, China Construction Bank will pay more efforts to set up business organizations in Viet Nam, New York London and Middle East region with the guiding principal of “Strengthen Asian market, Consolidate European and African market and make breakthrough in American and Australian market”. It is reported that China Construction Bank will research its oversea network allocation in a higher level to plan its oversea business development to strengthen the competitiveness and sustainable development capability of its oversea business. The Bank will build its oversea network with new approach and guiding principals and leverage the Bank’s strength in resource consolidation and the geographic advantages of its oversea organizations to execute the new oversea organization development approach in a specialized, integrated and professionalized manner. This strategy will lay a solid foundation for China Construction Bank’s rapid oversea business development, help the Bank to achieve its goal of building itself to be a world leading bank and create a good corporate image in international market.