NATIONAL Australia Bank has opened a representative office in Sao Paolo as part of plans to expand its agricultural lending operations.
The immediate focus will be on tapping into trade flows between the bank’s Australia-based customers and trading partners in Brazil.
A driving force is also NAB’s agribusiness unit, according to a report in The Australian Financial Review on Friday.
The executive general manager of NAB’s working capital division, Steve Aliferis, said Brazil’s profile as an agribusiness and natural resources powerhouse made it a logical place for the bank.
“NAB is the third largest agribank globally, with Brazil offering a similar agri-landscape, albeit much larger, and the ability to leverage our capabilities in a counter-cyclical market,” he said.
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