Investec Plc joins other banks in the push to move into Australia to expand its international network.
Commercial bank Investec Plc said on Thursday that it plans to open a branch in Australia, a move that will see it expand its international network.
Investec received approval from Australia’s regulator to continue operating in the country as a foreign bank from July 1. The company has been operating in Australia for two decades.
Investec said that this is the first time the company has been able to offer clients full access to its parent’s balance sheet and specialist capabilities.
Investec Australia CEO Milton Samios said:
“The move is transformational as we will now be able to provide clients with greater international reach, and a stronger balance sheet.”
Foreign banks are increasing their presence in Australia once more as they bet on resources and infrastructure investment gathering pace and as regulators push to promote competition in the sector, dominated by its Big Four locals.
Barclays Plc also re-opened in Australia earlier this year.