In 2008, the Australian Prudential Regulation Authority (APRA) approved Industrial and Commercial Bank of China Limited as a foreign authorized deposit taking institution (ADI) allowing the branch to conduct banking business in Australia, and in September of that year the Sydney Branch officially opened and commenced business. The successful establishment of the Sydney branch was regarded as a significant breakthrough in the bankAos progress towards internationalization, strengthening of itAos ability to improve itAos international management standards, and to provide a comprehensive range of banking services to the Australian and New Zealand markets which have been identified as one of the most prosperous regions in the Southern hemisphere.