National Australia Bank Limited (ASX:NAB) has opened its first branch in China after it secured Chinese regulatory approvals in June.
The branch has been opened in Shanghai's financial district and is geared towards growing the NAB’s trade finance capability across the Australasian region.
CEO Cameron Clyne says the NAB’s key areas of focus in China will be natural resources, energy and utilities, and food and agribusiness sectors.
The NAB has been traditionally focused on the UK but has branches in Hong Kong, Singapore and Japan.
The NAB is the last of Australia’s Big Four, including ANZ Banking Group (ASX:ANZ), Commonwealth Bank of Australia (ASX:CBA) and Westpac Banking Corporation (ASX:WBC), to open a branch in China.
In the 2011 financial year the NAB posted an annual net profit of $5.2 billion.
