Foreign capital

We hope we can attract other foreign participants to inject further liquidity into our system

A lack of capital and the Government’s Australian Business Investment Partnership (ABIP) are threatening but not completely deterring foreign banks from eyeing Australia as a potential new market. India’s Punjab National Bank has become the latest institution making public its intentions to expand its footprint to Australia, with chief general manager Rajan Dhawan recently telling Indian media: “apart from regular upgrading during the current year, we are also looking at Australia for opening an office”.

Punjab National Bank competitors Bank of Baroda and Union Bank of India already have representative offices in Australia and have also signalled their intentions to target Indian nationals and corporates with retail and wholesale banking products. Australian bankers are also closely watching China’s ICBC, which opened a branch in Sydney last year and is currently the most well capitalised bank in the world.

May/June 2009

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RETAIL DELIVERY & DISTRIBUTION

Foreign capital

Foreign banks that set up shop in Australia are sure to gain currency, but it wont happen in the short term
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Misleading statements

ASIC is taking a hard line on the advertising of deposit products; ensuring customers aren't snagged by hidden catches
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