Banks Seek To Benefit From Free Trade Deals In Asia
News: Australia's major lenders seek to benefit from any rise in trade and investment triggered by the government's free trade deals with Japan, Korea and China. In an indication of Australian banks' rising focus on Asia, CEOs of Commonwealth Bank, Westpac, National Australia Bank and Australia and New Zealand Banking Group accompanied Prime Minister Tony Abbott on a trip to the three aforementioned nations in the week ended April 12 2014. The closer trade relations in the region will help banks to benefit from increased demand for services such as trade finance and foreign exchange. Australia's government believes free trade agreements (FTAs) with Japan and Korea and a deal with China that is still being discussed will lead to the export of financial services to Asia's middle classes. The major four lenders aim to capitalise on increasing trade and investment flows within the region.