Australia and New Zealand Banking Group (ANZ) is planning to expand its existing relationship with the China Development Bank (CDB) to facilitate foreign direct investment in Australia by Chinese enterprises.
The bank predicts that the value of China’s outbound deals will reach as much as AUD200 billion by 2030.
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Under the deal, ANZ will operate as an adviser to CDB and support overall objectives of the new Chinese leadership, which aims to achieve greater transparency and accountability around its outbound investments and better commercial outcomes.
According to ANZ, the expanded memo of understanding (MoU) is expected to be signed by the G20 Leaders’ Summit in November.
Andrew Géczy, CEO of international and institutional banking at ANZ, said: "This agreement will give Australian companies the option of direct access to CDB and its associates when they’re looking for equity investment from Chinese state-owned enterprises, as well as the option of project or corporate funding support from China.
"This will not only support the growing two-way trade and investment relationship between Australia/New Zealand and China, but will also help to aid transparency and improve the economics of Chinese investments."
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