Absa Capital, the investment banking division of Absa Bank Ltd (Absa), today announced its intention to enter into a business cooperation agreement with Sumitomo Mitsui Banking Corporation (SMBC), subject to the finalization of terms.
Under the terms of the agreement Absa Capital will provide investment banking products and services to SMBC clients active in South Africa and sub-Saharan Africa.
Says Stephen van Coller, Chief Executive of Absa Capital: “This is an exciting win-win strategic venture. It gives Absa Capital access to an extended client base and SMBC the ability to offer their clients a world-class, full service investment banking offering in sub-Saharan Africa.”
“Furthermore, together with SMBC we can explore other joint business development opportunities.”Ends
Note to the editorAbout Absa Capital
Absa Capital, a division of Absa Bank Limited (Absa) and affiliated to Barclays Capital, is a leading South African investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe.About Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Banking Corporation, one of the world's largest commercial banks, provides an extensive range of wholesale and retail banking services in Japan and abroad. Sumitomo Mitsui Banking Corporation is part of the Sumitomo Mitsui Group which is quoted in Tokyo. For more information visit: http://www.smbc.co.jp/aboutus/english/index.html