National Australia Bank has received regulatory approval to open its first China branch.

Slated to open in late 2011 in Shanghai, the new branch will support existing institutional, corporate, and business banking customers in or trading with China, the company said in a statement. It will also support Chinese institutional and corporate clients looking to invest in Australia, New Zealand, the UK, and the US, particularly in the energy, utilities, natural resources, and agribusiness sectors. It will be led by Danny Armstrong.

China is a key economic partner to Australia and New Zealand and the new branch is expected to strengthen this partnership. NAB has a representative office in Beijing. 

The bank recently hired Bank of China, Chinatrust Commercial Bank and Megal International Commercial Bank to help it organise a A$200 million ($208.7 million) three-year loan term, a report by Bloomberg reveals. A meeting is scheduled for 4 July and 5 July to meet with other prospect lenders in Taipei and Singapore, respectively.