NAB licensed to open second branch in China
NAB, Australia’s largest business bank, has received approval from the China Banking Regulatory Commission to open its second branch in China.
NAB Group Executive Business Banking, Angela Mentis, explained the new branch will be based in Beijing and will support Business Banking customers looking to trade with or invest in China.
“NAB’s purpose in Asia is clear – we are there to support Australian and New Zealand business in Asia and Asian business in Australia and New Zealand,” Ms Mentis said.
“This new branch will help us to open new doors for our Australian and New Zealand customers in China.”
“China’s economic rebalancing is generating greater demand for consumer goods, high-end manufacturing and services – which is great news for the businesses we support.”
“Importantly, new research from the 2014 Australia-China Trade Report shows that Australian businesses are now getting a foot-hold in global value chains through China, which has been challenging to engage in the past.”
“Of course, relationships are vital to making in-roads into China – and NAB has been in China building those relationships longer than any other Australian bank.”
NAB’s new branch in Beijing will also support Chinese Institutional and Corporate clients looking to trade with or invest in Australia and New Zealand, particularly in the energy, utilities, natural resources, food and agribusiness sectors.
“NAB has expertise across the natural resources, energy and utilities, and food and agribusiness sectors, which will be key areas of focus in China over the coming decades,” Ms Mentis said.
“We think the ever increasing trade flows between Australia, New Zealand and China provide terrific opportunities for Australian and New Zealand businesses that are looking to increasingly gain exposure to the biggest growth economy in the world.”
NAB’s China Banking business will be managed by Danny Armstrong, General Manager of China Banking, who is supported by an experienced local and international team with extensive experience in Chinese banking. The Beijing branch is expected to open its doors later this year.
NAB is also focused on building its capability and coverage in China to ensure continued support for customers looking to expand their business in China.
The establishment of the Beijing branch follows the recent signing of a Memorandum of Understanding between NAB and the Export-Import Bank of China supporting greater collaboration between the two parties. The memorandum will enhance coordination between the two banks in a number of areas, including loan syndication, project finance, FX and derivative product trading and export/import credit.
NAB was the major sponsor of the Australia China Business Council’s (ACBC) 2014 Australia-China Trade Report, which was launched by the Australian Foreign Minister, the Hon Julie Bishop MP, on 25 March 2015. The report showed that the Australia-China economic relationship is broader than previously assumed, with considerable new growth opportunities for Australian businesses in agribusiness, manufacturing, real estate, tourism, education and finance and professional services. The report is available from: http://business.nab.com.au/the-2014-australia-china-trade-report-10162/
About NAB in China
NAB was the first Australian bank to establish a presence in China in 1982 with a representative office in Beijing and later a branch in Shanghai. NAB’s approach in Asia is relationship-driven, supporting Australian and New Zealand businesses in Asia as well as Asian businesses in Australia and New Zealand. Our 500 people in Asia focus on the banking activities arising from the business, trade, investment and people flows between Australia, New Zealand, and Asia.
Further information about NAB’s work in Asia is available from: http://www.nabasia.com/