Westpac to expand operations in Asia

Westpac Banking Corporation expand its business in Asia organically and through partnerships rather than acquisitions, according to its chief executive Gail Kelly.

The bank is stepping up the investment it was making in China and in the rest of Asia amid sluggish credit growth in Australia and lower bank profits, the Australian Associated Press reports.

"We expect that trade flows between Australia and the rest of Asia will increase by 20 per cent in the next 10 years," she said after Westpac signed a cooperation agreement with Chinese government policy bank, The Export-Import Bank of China.

Westpac plans to add a third branch in China to its Beijing and Shanghai branches, and also wants to convert its representative office in Mumbai to a full branch.