National Australia Bank taps China market

Its collaboration with China Huarong Asset Management aims to focus on wealth management, insurance and rural lending.

National Australia Bank has made tentative steps to expand into China by signing a co-operation agreement with funds giant China Huarong Asset Management Company.

The agreement is the first cross-border financial services collaboration between the two companies. NAB's move follows more aggressive steps into China by ANZ and Commonwealth Bank. Both have built up modest exposures, mainly through direct investments in regional banks.

NAB said co-operation was likely to focus on wealth management and insurance, as well as agribusiness and resource lending. China Huarong is a diversified investment house, managing equity and fixed-income portfolios in China and around the world.

View the full story in WA Today.