Commonwealth Bank of Australia is bent on further expanding its Asian franchise to take advantage of the region's growing wealthy class, the bank said at its latest market briefing.

Speaking to shareholders and the media, Ian Narev, chief executive, announced that the company is foraying into China with a new branch and in Indonesia with new small business and wealth management offerings for the country's rich. 

The expansion strategy was outlined five months after Narev took the helm from Ralph Norris in December 2011. It also contradicts the bank's old strategy of veering away from expanding overseas and seems timely with rivals ANZ, Westpac and NAB opening offices beyond Australia.

At present, the bank is completing the rollout of some 87 branches in Indonesia and has recently applied for a new branch in Beijing to host its RMB-denominated products and trade finance capabilities. It has also partnered with Bank of Communications, Qilu Bank and Bank of Hangzhou for various initiatives. 

CBA is not keen on making any acquisitions in Asia, says Narev, noting that these would only be pursued "...if we can create more value for our shareholders than they can create for themselves." 

Another highlight is the plan to boost investment in technology to make banking processes faster, more available and streamlined. The CEO calls this "logical progression," as it follows through on Norris' technology-focused capital expenditure programme.

Commonwealth Bank of Australia has more than 11 million clients across 1,150 branches. In the first half of 2012, the bank posted a 19 per cent rise in profit to A$3.92 billion ($4 billion).