NAB Ties With China Agricultural to Boost Overseas CapabilitiesNarayanan Somasundaram
National Australia Bank Ltd., the country’s largest lender by assets, said it signed an agreement with China’s largest agricultural group to boost lending capabilities in the world’s second biggest economy.
The memorandum of understanding gives China National Agricultural Development Group access to NAB lending services including acquisition funding and trade finance, the Melbourne-based lender said in a statement today.
The pact is NAB’s fifth cross-border financial services tie-up in China and second this year, following an arrangement with China Development Bank Corp. in February, NAB said. The countries are bolstering agricultural ties as the mining boom that Australia depended on for growth wanes and Chinese companies try to meet rising demand for food.
“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,” Joseph Healy, NAB’s head of business banking, said.