Westpac opens Beijing branch

Westpac Banking Corporation plans to open two more branches in China after receiving final regulatory approval to open a branch in Beijing.

The bank said that the Beijing branch will in the World Finance Centre in Beijing's central business district, opening on June 29.

Westpac opened its first branch in China in Shanghai in 2008, and said it would open two more in China in the medium term.

ANZ Banking Group has the biggest exposure of any major Australian bank in Asia, with four branches in China and plans for 20 outlets in China by 2012.

Commonwealth Bank opened a branch in Shanghai in 2010 and injected capital for its China County Banking subsidiary that year ahead of opening a branch in Jiyuan in February.