Westpac Banking Corporation (ASX: WBC) and The Export-Import Bank of China (China Eximbank) have signed an agreement to promote close cooperation. Westpac says the deal will improve its ability to support its customers operating in China and China Eximbank’s capacity to assist customers with interests in Australia and New Zealand.

Westpac Group Chairman, Mr. Ted Evans AC and Chairman and President China Eximbank, Mr. Li Ruogu signed the agreement today at Australia’s Parliament House in Canberra, with Prime Minister Julia Gillard, Chinese People’s Political Consultative Conference chairman Jia Qinglin and Westpac Institutional Bank Group Executive Rob Whitfield as witnesses.

The General Cooperation Agreement with Westpac is the first deal China Eximbank has signed with an Australian bank. It is based on the principle of equality, mutual benefit, respect and trust to facilitate major development projects in the areas of infrastructure, energy, minerals and agriculture which are of mutual interest to Australia and China.

Mr. Whitfield said, “This agreement provides a great opportunity to further strengthen the relationship between Australia and China. It is of significant mutual benefit as it will allow both banks to capture an increased share of trade and capital flows within this region. By leveraging our expertise and experience in the Natural Resources and Trade Finance, Westpac and China Eximbank will collaborate to support our common customers’ investment in Australia, New Zealand, China and other key markets.”

China Eximbank was established in 1994. It is fully owned by the Chinese government and under the
direct leadership of the State Council. China Eximbank is a government policy bank enjoying the same international credit ratings as China’s sovereign rating. Headquartered in Beijing, the Bank has over ten domestic business branches and representative offices, as well as three overseas representative offices in Johannesburg, Paris and St. Petersburg.