Westpac continues to strengthen in Asia with a new sub-branch in the Shanghai FTZ and the addition of SingTel's chairman to its advisory board.

Westpac, the Australian bank, has received approval from the China Banking Regulatory Commission to set up a sub-branch in the Shanghai Free Trade Zone.

The approval expands the bank's network, particularly as a large number of its corporate and commercial clients already have business dealings with China, it said in a statement. A growing number of its customers also expect their use of RMB-related services to rise in the next years. Just recently, the bank signed a deal to accept China UnionPay cards in Australia via ATMs, merchant terminals and online payment facilities.

The announcement was concurrent with the appointment of Simon Israel as non-executive member to its Asia advisory board. Israel is the Asia business leader and current chairman of SingTel, one of the largest telecommunications firms in the region. He is the second non-executive member to the board and joins Hwee Hua Lim who was appointed in November 2013.

Westpac offers a range of financial services to individuals, corporate and institutional clients through branches in Singapore, Shanghai, Beijing, Hong Kong, Mumbai and a representative office in Jakarta.