Major bank makes further advance on Chinese market

by Mackenzie McCarty27 Feb 2013

NAB and China Development Bank (CDB) have signed a ‘memorandum of understanding’, allowing greater collaboration between the two parties.

The memorandum will promote closer cooperation across a number of areas including major projects relating to natural resources, infrastructure, agriculture and technology. Further collaboration across trade finance, capital markets, foreign exchange as well as business training programs will also be explored.

NAB spokesperson, Elisha Vincent, assures Australian Broker that the memorandum doesn’t signify any potential relocation of jobs – unlike Westpac’s move to offshore mortgage service jobs to the India and the Philippines, announced earlier this month.

“Essentially, memorandums promote closer cooperation between the two organisations – they’re just basically a business agreement.”

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