Bank of Communications secures banking licence
Bank of Communications this week succeeded in obtaining registration as a foreign bank branch in Australia.The Australian Prudential Regulation Authority added BoComm to its list of banks this week, the only formal channel for announcing the admission of new banks.The sixth-largest bank in China, BoComm has worked on its licence application for more than two-and-a-half years.BoComm is the third bank from China to secure a full banking authority in recent years, following China Construction Bank and the Industrial and Commercial Bank of China. Bank of China has operated in Australia for many years.For the time being, BoComm's registered office in Australia is with PricewaterhouseCoopers in Sydney. The bank could not be reached at its representative office.