China's Bank of Communications plans to be providing retail banking services in Australia within five years, an executive of the Bank said.The local head of Bank of Communications, Hongde Yu, told the Australian Financial Review that foreign banks were well positioned to win business from Australian banks.Bank of Communications is China's fifth-largest commercial bank. It was granted a wholesale banking licence in Australia last year and will initially focus on companies working in China and Australia.Yu said: "The competition for the client is missing and means that foreign banks have enough space to enter Australia."Compared with the European and US markets, Australia is attractive for the profit of the banking sector."He dismissed fears about the credit quality of Chinese banks, saying the country's big banks were prudentially managed and that any risks in the system were confined to small regional players. Bank of Communications has assets of US$810 billion.