The Australian Prudential Regulation Authority must authorise a company to conduct banking business. A number of major foreign banks have set up operations in Australia both through branches or Australian incorporated subsidiaries. Branches of foreign banks, however, are not permitted to engage in retail banking. Certain specialist banks provide assistance in areas such as resource and industry development. Banks provide the range of services usually found in developed countries, including short-term wholesale finance and securities underwriting and placement.
Foreign enterprises have the same access to the Australian capital markets as local enterprises.
Please contact Greg Hammond or Richard Mazzochi for further information.