NAB’s Asia chief executive, Spiro Pappas, has announced that the National Australia Bank (ASX: NAB) has joined ANZ (ASX: ANZ) and Westpac (ASX: WBC) in recognising the potential of trade flows to and from Asia.
Mr Pappas said it will use its huge share of Australian farmers that bank with them to do a majority of its business in the region.
“Roughly one-in-three farmers in Australia bank with us. That is very powerful,” Mr Pappas said.
NAB’s track record of overseas expansion has been troubled in past years but the company hopes its steady approach to investment will make its expansion more successful than its UK venture. The bank previously announced it will cut $800 million in costs over five years and will inject the funds into its Asian operations.
Source: The Motley Fool