The expansion of Westpac Banking Corp's activities since it set up in Hong Kong in 1971 has been remarkable. Assets of Westpac in Asia - besides Hong Kong it has branches in Tokyo and Singapore and offices in Beijing, Bangkok, Kuala Lumpur and Jakarta - have grown to more than US$6 billion.
In the past three years, Westpac has consistently ranked in the top three Asia-Pacific lenders. It has increased its activities in the region's Floating Rate Certificate and Deposit market (FRCD) and currently ranks in the top five arrangers in Hong Kong.
But its specialty remains in Australasian banking business, where Hong Kong acts as a conduit between Asian-based investors and Australasian borrowers.
In the early 1970s, the bank's modest office found a growing niche in the trade and investment field among Australian companies wanting to do business in the region.
In the mid '70s, Westpac expanded its activities in Hong Kong by setting up a deposit-taking company and another arm dealing with securities. In 1985, it blossomed into a full branch with its focus on wholesale banking.
Peter Chan Kwing-ho, chief manager of the Hong Kong branch, said the bank was engaged in three core businesses - servicing corporate finance and capital markets; involvement in the financial market; and personal and private banking.