sign up log in
Want to go ad-free? Find out how, here.

BNZ's parent National Australia Bank opens branch in Shanghai; plans Mumbai branch next year

BNZ's parent National Australia Bank opens branch in Shanghai; plans Mumbai branch next year

National Australia Bank (NAB), which owns Bank of New Zealand, has opened a new branch in the Lujiazui Financial Centre in Shanghai to cater for NAB and BNZ clients trading with China.

“Right now New Zealand businesses that are opening offices in China or seeking Chinese investment are navigating a complex business landscape to grow two-way trade," BNZ CEO Andrew Thorburn said.

"We are now able to better meet the needs of our customers from small and medium enterprises through to institutional clients," Thorburn said.

China is New Zealand's second largest trading partner and Australia's largest trading partner. Meanwhile, Australia is New Zealand's largest trading partner.

The new branch will also support Chinese companies looking to trade with or invest in Australia and New Zealand, particularly in the natural resources, energy and utilities and food and agribusiness sectors, BNZ said.

The branch will offer services ranging from basic lending and transaction banking to working capital, trade finance and foreign exchange.

NAB plans to open a further branch in Mumbai in early 2012.

BNZ is competing with ANZ, which has a 'super regional strategy' of building branch networks in various Asian countries that can cater to companies and individuals doing business between Australia, New Zealand and Asia. See our double shot interview with ANZ Group CEO Mike Smith from March this year.

 

We welcome your comments below. If you are not already registered, please register to comment.

Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.