National Australia Bank and China Huarong Asset Management Company sign memorandum

Tuesday, 8 March 2011

National Australia Bank (NAB) and China Huarong Asset Management Company (CHAMC) have signed a Memorandum of Understanding, opening a channel for ongoing learning and cooperation between the two parties.

Today's Official Signing by CHAMC President, Mr Lai Xiaomin and National Australia Bank Group's CEO, Mr Cameron Clyne, does not involve either party taking an equity position but is the first cross border financial services collaboration between the two parties in China and Australia.

The Memorandum follows 6 months of discussions between the two financial institutions and enables both parties to learn more about each other's respective financial services industries and explore potential areas of collaboration and co-operation for mutual benefit.

Potential areas for further exploration and learning between the two parties include wealth management, insurance, agrifinance and resources.

"This new relationship recognises that a significant and growing proportion of NAB's clients have personal and or business ties to China. It's important that we continue to explore options and build relationships in the region to support our customers with cross border business and associated market requirements," said Cameron Clyne, NAB Group CEO.

CHAMC was one of the four state-owned asset management companies established by the Ministry of Finance in the late 1990s. CHAMC currently operates 32 branch offices along with its headquarters in Beijing. The company has controlling stakes in ten subsidiary companies spanning a wide variety of financial services.

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