Prime Minister Kevin Rudd and Minister for Trade Simon Crean today witnessed Australia's largest agricultural bank sign a Memorandum of Understanding with the Agricultural Development Bank of China (ADBC) in Beijing.
The historic signing today will open the door on a new level of cooperation between Australian and Chinese financial service providers.
Today's official signing by National Australia Bank Group's CEO, Mr John Stewart, and ADBC President, Mr Zheng Hui, is the first major collaboration between agri-banking institutions of China and Australia.
Prime Minister Rudd and Minister Crean welcomed the signing as the starting point from which to build another mutually beneficial connection between the Australian and Chinese economies.
“This agreement has the potential to develop into a strong, bilateral arrangement with the exchange of expertise, skills and personnel in agri-banking, exploring a new sphere of business interaction between our nations,” said Mr Rudd.
The Memorandum is the culmination of 12 months friendly negotiation between the two banks on an agreement which includes the two-way transfer of agricultural and banking skills through staff exchanges and training.
“This builds on a natural fit between two major agri-banking institutions. National Australia Bank looks forward to exploring potential future collaboration in trade finance, agricultural infrastructure finance and product development,” said Mr Stewart.
“ADBC hopes to benefit from exposure to Australia's farming and agricultural business efficiencies with plans for staff training, business study visits and increased understanding of the Australian agri-business market,” said President Zheng.
In February 2008, NAB became the first foreign investor in China's trust sector when its institutional banking division, nabCapital, acquired a 20% stake in Union Trust Investment.