The Australian Prudential Regulation Authority has confirmed that China Everbright Bank Co has been authorised as a new foreign ADI under the Banking Act 1959.
The Chinese bank currently operates to retail and corporate clients in China, Hong Kong and South Korea, offering corporate and retail banking, financial markets and interbank business segments.
The bank has recently seen its share price drop by 2.12 per cent after it was handed a fine from the Chinese banking and insurance regulator.
The fine from the regulator was handed down to six Chinese banks, including Everbright for a range of offences including disclosure of information regarding wealth management products to internal governance issues.
Despite the recent issues the bank was named by UK magazine Banker as one of the world’s top 1,000 banks with a ranking of 39.
