Westpac Bank gets go signal for Beijing branch launching

Branch would be the lender’s second in China as it expand in its strategically important market for its customers.

Australia's second-largest lender by value Westpac Banking Corp. said Tuesday it received final approval to open a branch in Beijing.

It will be the Australian bank's second branch in China. Westpac already has a branch in Shanghai, which it opened in 2008. The group has plans to open two more branches in China, according to a report in The Wall Street Journal.

"China is a strategically important market for our customers. We are committed to investing in the region and 'growing offshore to grow onshore,'" said Rob Whitfield, group executive of Westpac's institutional bank.