Chinese banks look to boost their influence down under
Some of China's most prominent banks are looking to increase their influence down under.
According to the Wall Street Journal, renowned institutions like the Industrial & Commercial Bank of China (ICBC) are planning to "muscle in" on Australia's syndicated loan market.
Leaders at the bank are looking to issue more business loans to support major projects across the country – and the booming mining sector represents an ideal investment opportunity.
Many economists believe that Australia has a "two-speed economy" that separates the majority of companies and enterprises in the hugely lucrative mining industry.
The government recently announced that some resource projects that are in the pipeline will require a further $450 billion of funding to complete.
However, Han Ruixiang, the Sydney-based head of Australian operations for ICBC, told the news provider that the lender would not be solely concentrating on this sector.
"We have a strong interest in resource deals but we're not focusing only on them; as a commercial bank we lend across the board," he was quoted as saying.
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