National Australia Bank and the Export-Import Bank of China have today signed a Memorandum of Understanding, supporting greater collaboration between the two parties.

The memorandum was signed today by NAB Chairman Michael Chaney and Export-Import Bank of China Chairman and President Li Ruogu at a ceremony in Parliament House, Canberra attended by Chinese President Xi Jinping and Prime Minister Tony Abbott.

NAB Group Executive Business Banking Angela Mentis said the signing of this agreement comes during an exciting time for Australia-China relations.

“China is one of the largest markets in the world, and for NAB customers we want to see Chinese markets unlocked further for Australian businesses,” Ms Mentis said.

“More markets open for Australian businesses means more jobs here in Australia.

“This agreement provides NAB an opportunity to expand our work with the Export-Import Bank of China, generating new opportunities for investment in Australia for our customers.

“This is an exciting time for Australia, it’s exciting for NAB customers, and it’s exciting for creating jobs and opportunities for Australians here at home.”

The memorandum will enhance coordination between the two banks in a number of areas, including syndication, project finance, daily FX trading, derivative trading and export/import credit.

NAB was the first Australian bank to establish a presence in China in 1982, and this memorandum is the fifth cross border financial services collaboration that NAB has undertaken in China.

NAB’s approach in Asia is relationship-driven, supporting Australian business in Asia and Asian business in Australia. 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.