THE National Australia Bank plans to hire, not fire, people in Asia to deepen its roots in the region, its chief executive officer said yesterday in Shanghai.

Australia's biggest corporate bank yesterday opened its first branch on China's mainland in Shanghai to tap the rising demand for trade finance and corporate banking.

"The Shanghai branch is an important part of NAB's strategic approach to support clients in the Asian region," said CEO Cameron Clyne.

The bank is also planning to open a branch in India and a representative office in Indonesia later to ride on the growing economic activities within the region.

Clyne said that the bank's employment strategy signaled strongly its commitment in the region. He noted that the bank's regional employment plan depends on how it grows its business in the region.

Global banks, including UBS, Barclays, Bank of America and Credit Suisse, planned to cut jobs globally amid slow world economic recovery. But most foreign banks are still boosting their investment in China as they scale back in other markets.

Source:shanghaidaily