ANZ New Zealand has signed a cooperation agreement with the China Development Bank under which the two will aim to work together on boosting trade and investment between New Zealand and China, ANZ says.

ANZ Group chief executive Mike  Smith and China Development Bank's chairman Chen Yuan signed a memorandum of understanding at Government House in Auckland today. The deal follows a similar one, covering Australia, signed by ANZ and China Development Bank last September.

The state owned China Development Bank was founded in 1994. It has 32 branches and four representative offices in China. According to its last annual report, for 2008, the bank had total assets of NZ$790 billion. ANZ said the agreement would strengthen its ability to help New Zealand businesses seeking investment and trade opportunities with China.

See ANZ's announcement below:

ANZ today (18 June) signed a cooperation agreement with the China Development Bank (CDB) which will see the two banks work together on projects that assist trade and investment flows between China and New Zealand.

ANZ Group Chief Executive Officer, Mike Smith and China Development Bank Chairman, Chen Yuan signed the Memorandum of Understanding at a ceremony at Government House in Auckland.

The signing was witnessed by New Zealand Prime Minister John Key and Chinese Vice President Xi Jinping who is in New Zealand on an official visit focussing in particular on the China-New Zealand Free Trade Agreement.

The agreement signed today follows a similar Memorandum of Understanding covering Australia signed by ANZ and the China Development Bank in September 2009.

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It is the first Memorandum of Understanding by ANZ in NZ with a Chinese bank and it will enable ANZ to work closely with CDB to identify and develop opportunities that will benefit both New Zealand and China.

This builds on the work ANZ is already doing in China supporting the growth plans of New Zealand companies and inward investment which drives the growth of the New Zealand economy.

For New Zealand businesses seeking to expand, the agreement further strengthens ANZ's ability to help them with investment and trade opportunities with China.

Background:

ANZ is a sponsor of the New Zealand pavilion at the Shanghai World Expo and has been taking New Zealand exporters and investors to China as part of Expo to help them identify growth opportunities and gain an understanding of the Chinese market.

The first tour, of 27 exporters representing companies from the New Zealand’s seafood, agribusiness, food, manufacturing, textiles, wine and pharmaceutical industries, travelled to China in May. ANZ is New Zealand’s most international bank with 162 branches in countries across the Asia Pacific, including 14 Asian markets. The China Development Bank is a mainstream bank leading China's medium- to long-term investment and financing initiatives.