12 July 2013
National Australia Bank (NAB) has signed a Memorandum of Understanding (MOU) with China’s largest agricultural enterprise, the China National Agricultural Development Group Corporation (CNADC).
Under the MOU, NAB will help CNADC to enhance its knowledge and understanding of international banking markets and debt capital markets. CNADC will also have access to NAB’s financial services capabilities ranging from acquisition funding, working capital facilities, term loans, trade finance, to wealth management and transaction banking.
Joseph Healy, Group Executive Business Banking, NAB said: “As Australia’s leading business and agribusiness bank, NAB remains committed to expanding our capabilities around the needs of our customers in both China and Australia.
“The agreement enhances the bank’s relationship with strategic partners in China and is an important milestone in supporting the bilateral trade and economic relationships between the two regions.”
The memorandum is the fifth cross-border financial services collaboration that NAB has undertaken in China and the second this year following a MoU with China Development Bank (CDB) in February.
Elisha Vincent M: +61 (0) 429 566 676