Three years after opening an institutional banking branch in Shanghai, Commonwealth Bank has opened a branch in Beijing. Apart from these branches, CBA's Chinese presence includes investments in Qilu Bank and Bank of Hangzhou, in a life insurance joint venture with Bank of Communications in Shanghai, and in a funds management joint venture with Cinda in Shenzhen. It also operates regional banking services in Henan and Hebei provinces. The Beijing branch will provide foreign currency services, such as deposits, lending, trade finance, foreign exchange and money market services. National Australia Bank has lost one of its biggest custody clients, after the A$25 billion Cbus superannuation fund switched to JP Morgan. The Australian Financial Review reported that Cbus made the move because it saw benefit in JP Morgan global strength. NAB has lost a number of custody clients over the past 12 months, including Qantas Super, legal super and QIC.