(14 July 2009 – Global) NAB has opened up a representative office in Sao Paolo, Brazil, in a bid to expand its agricultural lending operations.The Australian Financial Review reported that, with its representative office in place, the Australian bank will focus firstly on utilising the trade flows between the bank’s Australian-based customers and trading partners in Brazil.
NAB’s agribusiness bank reportedly also had a fairly large say in the venture.
Steve Aliferis, executive general manager of NAB’s working capital division, said that Brazil was a logical place for the bank given its profile as an agribusiness and natural resources powerhouse.
Aliferis also highlighted that NAB is the third largest agri-bank globally, and that Brazil offers a similar agricultural landscape to Australia, albeit on a larger scale.
While the representative office has been running for several months, it has only just been confirmed by the bank, to the AFR. It is reportedly run by a single employee.
NAB has recently indicated it is directing its attentions to its Australian operations. While this Brazilian expansion could be seen as outside this scope, it is servicing the global ambitions of the Australian businesses within its core market.