ANZ builds on China links

Chinese Vice-President Xi Jinping has been here for talks. Photo / Mark Mitchell

ANZ hopes to develop more opportunities for trade and investment in China after signing an agreement with the republic's largest bank.

The Australian-owned bank yesterday signed a memorandum of understanding with the China Development Bank at a ceremony in Auckland timed to coincide with the visit of Chinese Vice-President Xi Jinping.

Xi is in New Zealand on a three-day visit and on Thursday opened the China-New Zealand Free Trade Agreement Seminar in Auckland.

China Development Bank was set up in 2004 and is a leading funder of Chinese government infrastructure projects including Shanghai's airport, development for the 2009 Beijing Olympics and this year's Shanghai Expo.

The bank made a profit of RMB27.9 billion ($5.8 billion) in 2008. ANZ's New Zealand operations made a net profit of $298 million in the year to September 2009.

An ANZ spokeswoman said the agreement would enable the bank to work closely with China Development Bank to identify and develop opportunities to benefit both New Zealand and China.

"This builds on the work ANZ is already doing in China supporting the growth plans of New Zealand companies and inward investment which drives the growth of the New Zealand economy."

ANZ recently helped take 27 exporters representing companies from seafood, agribusiness, food, manufacturing, textiles, wine and pharmaceutical industries, to China for the Shanghai Expo.