Both ANZ and NAB have signed memorandums of understanding with Chinese banks which they say will develop stronger financial links between the two countries.
NAB, which signed a memorandum of understanding with the Export-Import Bank of China, said the agreement will “enhance coordination” between the two banks in a number of areas.
“China is one of the largest markets in the world, and for NAB customers we want to see Chinese markets unlocked further for Australian businesses,” NAB group executive of business banking Angela Mentis said.
“This agreement provides NAB an opportunity to expand our work with the Export-Import Bank of China, generating new opportunities for investment in Australia for our customers.”
ANZ chief executive Mike Smith said the two memorandums of understanding the bank has signed with the China Development Bank (CDB) and between CDB, Aurizon Holdings and Baosteel Corporation will open greater investment options between the two countries.
“The development of deeper, more sophisticated co-operative financing links between Australia and China has the potential to significantly increase foreign investment between the two nations,” Mr Smith said.
Westpac announced its position as a “foundational bank to Australia’s first renminbi (RMB) hub in Sydney” and said this move will support the “internationalisation pathway of the Chinese currency”.
“The ability to settle transactions in RMB in real time through Sydney will make it faster and easier for customers to trade and transact in RMB,” Westpac chief executive Gail Kelly said.
“As a result of this development, the currency can move freely throughout our region to open up more of China’s economic opportunities for our customers across Asia, Australia and New Zealand.”
Commonwealth Bank chief executive Ian Narev said the agreement between Australia and China will “help further strengthen the economies of both nations”.
“This agreement is very important as it continues to pave the way for the ongoing development of business opportunities for both Australian and Chinese businesses,” Mr Narev said.
