NAB eyes China food business

National Australia Bank (NAB) has launched an initiative intended to help farmers access China's booming growth by forming a relationship with China's largest agricultural group, according to The Australian.

NAB has signed a memorandum of understanding with China's state-owned China National Agricultural Development Group Corporation (CNADC), which has economic and trade ties with more than 80 countries and the equivalent of $A2.6 billion in assets.

NAB's head of business bank and Asian operations, Joseph Healy, called the deal an “important milestone” to build bilateral trade (see John Abernethy's Bank stocks a hold strategy).

“For Australia's agricultural sector, our abundance of productive land and high food quality makes us an ideal strategic partner for China's growing food, beverage and agricultural needs,” Mr Healy said, according to The Australian.