Sumitomo Mitsui Banking Corporation

 

Sumitomo Mitsui Banking Corporation and Absa Bank Limited sign

Business Cooperation Agreement

 

 

TOKYO, 14 January 2014---Sumitomo Mitsui Banking Corporation (“SMBC”, President: Takeshi Kunibe) today announced the signing of a Business Cooperation Agreement with Absa Bank Limited (“Absa”), a group company of Barclays PLC on 12 January 2014.

 

SMBC entered into two Business Cooperation Agreements with Absa, one on 10 May 2010 to support its Japanese clients through the provision of banking services in the Republic of South Africa, and another one on 14 June 2013 to expand the geographical scope of business cooperation to provide a wider range of support to its clients utilising Absa’s network mainly in the Sub-Saharan African region.

 

The latest Business Cooperation Agreement, which was signed 12 January, focuses on the Republic of Mozambique and its specific sectors, namely natural resource, infrastructure development, and water. The expansion of the business cooperation aims to support SMBC’s clients’ in these specific sectors, which are of substantial interest to its clients, and to fully utilize SMBC’s and Absa’s ability and strength to provide various financial services.

 

The Republic of Mozambique not only has a substantial potential to develop its natural resource sector, including the world class discovery of offshore natural gas field, but is also blessed with rich arable land and abundant seafood resources. Significant economic growth is expected with the acceleration of natural resource and infrastructure development. Together with Absa, one of the largest banks operating in the Sub-Saharan Africa region, SMBC is keen to proactively support its clients considering expanding into or enhancing their business in the Republic of Mozambique.

 

 

 

 

 

 

Profile of Absa Bank Limited

Established                     : 1991

Registered Address         : 7th Floor, Absa Towers West, 15 Troye Street,

                                          Johannesburg, 2001

Operating countries        : South Africa, Botswana, Ghana,

                                          Kenya, Mauritius, Mozambique, Namibia, Nigeria,              

                                        Seychelles, Tanzania, Uganda, Zambia and Zimbabwe

Total Assets                      : ZAR 788.1 billion （as of June 2013）

Capital Ratio                   : 16.8%（as of end June 2013）

Barclays’ equity stake     : 62.3％（as of end July 2013）

Listed                               : Johannesburg Stock Exchange