Photo by: Bloomberg
Absa, a wholly owned subsidiary of Barclays Africa Group, has signed a cooperation agreement with Japanese bank Sumitomo Mitsui Banking Corporation (SMBC) focused on the development of Mozambique’s natural resources, infrastructure and water security – which are all expected to deliver significant economic growth.
The cooperation agreement between the banks, signed on January 12, in Maputo, Mozambique, also confirms two previous agreements establishing the two banks as strategic partners in Asia and Africa.
In May 2010, Absa agreed to support SMBC’s Japanese clients by providing them with banking services in South Africa. Three years later, Absa signed an agreement to expand the geographical scope of its business cooperation with SMBC to provide greater support to SMBC’s clients through JSE-listed Barclays Africa Group’s extensive presence in sub-Saharan Africa.
“As part of Barclays Africa Group’s journey to become the ‘Go-To’ bank in Africa, Absa’s corporate and investment banking division will provide SMBC and its clients with access to project and infrastructure finance, trade finance and export credit finance,” said Absa corporate and investment banking head Stephen van Coller.
“Backed by the global support of Barclays, this agreement underscores our commitment to the Mozambique economy and people, and further consolidates our leading position in the power and infrastructure sectors,” he added.