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Westpac Banking Corporation (ASX:WBC) is following in the lead of Australia’s major big banks and moving to expand its presence in Asia.
A bank official has told Reuters that Westpac’s Asian team has grown in credit, rates and foreign exchange and its targeting Singapore as its regional hub.
Reuters says that Westpac's head of financial markets Asia, Lloyd Cartwright, has indicated that the bank plans to roughly double its bankers in the region, that currently stands at around 10.
Westpac’s increased focus on Asia follows similar announcements from ANZ Banking Group (ASX:ANZ) and Commonwealth Bank of Australia (ASX:CBA).
ANZ has the largest presence in the Asia Pacific region from Australia’s big four banks and is targeting up to 30 per cent earnings growth in Asia, Europe and the Americas by 2017.
Commonwealth Bank has transferred its whole credit trading team to Singapore to broaden its Asian and European footprint.
In the 2010 financial year Westpac reported a net profit of $6.4 billion.
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$32.78 |
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Mkt cap ! $97.79B | |||
| Open | High | Low | Value | Volume |
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| ANZ (ASX) Chart |