Thursday, April 05, 2012

ANZ Bank and Singapore's EDB sign MOU

SINGAPORE: ANZ Bank has signed a memorandum of understanding with Singapore's Economic Development Board (EDB) to help attract overseas companies to invest in Singapore.

ANZ is the first Australian bank to work with EDB under its partner "multipliers" scheme.

Launched in October 2010, the scheme has seen EDB form partnerships with multipliers such as national chambers of industry and commerce to woo global mid-sized companies and Asian enterprises to Singapore.
Under the MOU, ANZ will assist companies in New Zealand, Australia, Greater Mekong and the Pacific Islands to use Singapore as an expansion hub into the rest of Asia.

In a statement, ANZ said it expects companies to tap on its expertise, particularly in areas such as agribusiness, natural resources and infrastructure.

ANZ Singapore chief executive officer Vishnu Shahaney said, "With the largest presence of any Australian bank in Asia Pacific and a super regional focus, we have a natural advantage connecting businesses across markets."

Lee Eng Keat, director of Singapore Welcome Centre for Corporates (SWCC) at EDB added, "ANZ Bank is well-placed to reach out to companies in Australasia and promote business investments into Singapore, as well as facilitate businesses looking to orchestrate their pan-Asian operations in Singapore."

ANZ said Australia's open economy and strength as a global supplier of natural resources and agricultural commodities have aligned the country closely with economic developments in Asia.

Singapore is Australia's seventh largest two-way trading partner with total trade worth A$21.6 billion in 2010, according to the Australian Government Department of Foreign Affairs and Trade Report 2011.

View the original article here

Source From Channel News Asia

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