(26 February 2013 – China) National Australia Bank (NAB) and China Development Bank (CDB) have signed a Memorandum of Understanding (MoU) to allow greater collaboration between the two parties.The MoU will promote closer cooperation across a number of areas including major projects relating to natural resources, infrastructure, agriculture and technology.
Further collaboration across trade finance, capital markets, foreign exchange as well as business training programs will also be explored.
Commenting on the signing, Mark Joiner, Executive Director Finance, NAB said: “The agreement is an important milestone in extending the Bank’s relationship with strategic partners in China. The relationship recognises the Bank’s commitment to expanding our capabilities around the needs of our customers in both China and Australia”.
The MoU is the fourth cross border financial services collaboration that NAB has undertaken in China following an agreement with China Huarong Asset Management Company in 2011, Agricultural Development Bank of China and Shanghai Pudong Development Bank in 2008.