The National Australia Bank has strengthened its relationship with India by signing a memorandum of understanding (MOU) with the State Bank of India (SBI).
The agreement was signed by NAB Asia chief executive Daryl Johnson and SBI deputy managing director and group executive Shri Siddhartha Sengupta in Mumbai, India, on 13 January 2015.
Also present at the signing was Australian Minister for Trade and Investment Andrew Robb.
In a statement from NAB, the bank said the partnership will enhance cooperation between the two banks in the areas of project finance, correspondent business banking, migrant banking as well as knowledge sharing in industry sectors.
Mr Johnson also pointed out India’s fast economic development will present “immense long-term economic opportunities” for Australia.
“There are immediate opportunities for Australian and Indian businesses in agriculture, resources and education with more opportunities to come in other sectors,” Mr Johnson said.
“As Australia’s largest business bank, we believe the positive signals coming out of the Indian economy mean that India has the potential to be a significant new market for Australian business,” he said.
Mr Sengupta said the memorandum of understanding was signed at an appropriate time as the relationship between India and Australia is getting stronger.
“It is only natural that the top banks of both countries, SBI and NAB, have come together to cater to the needs of the industry and the population,” Mr Sengupta said.
“Many Indian corporates already have a presence in Australia and with this [memorandum of understanding], we are confident of serving them better,” he said.
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