National Australia Bank, Australia’s largest business and corporate bank, has received approval from China’s Banking Regulatory Commission to open its first branch in China.

The new branch, expected to open for business later this year in Shanghai, will support existing Institutional, Corporate and Business Banking customers operating in or trading with China.

The branch will also support Chinese Institutional & Corporate clients looking to operate or invest in Australia, New Zealand, the United Kingdom and the United States particularly in the Energy, Utilities, Natural Resources and Agribusiness sectors.

National Australia Bank CEO, Cameron Clyne, welcomed the approval notification.

“The establishment of a branch in Shanghai is an important and considered step forward to support our clients in the Asian region,” he said.

“National Australia Bank has expertise across the Natural Resources, Energy & Utilities and Food and Agribusiness sectors which will be key areas of focus in China.

“This will further grow our Trade Finance capability across the Australasian region,” he said.

China continues to be an important economic partner to Australia and New Zealand and by establishing a branch in Shanghai, NAB is committed to facilitating greater economic, trade and investment flows between the three countries.

The branch will be managed by Mr Danny Armstrong and supported by an experienced local and international team with extensive experience in Chinese Banking.

NAB has a representative office in Beijing, which has been operating for nearly 30 years. The Shanghai branch will support NAB’s growing capability throughout the region supplementing branches in Hong Kong, Singapore and Japan.

National Australia Bank is a global organisation with operations in Australia, the US, the UK and Asia and has more than 150 years of experience in financial services.