Partnership to prioritise Mozambican natural resources development
Absa Bank Ltd (Absa), a wholly-owned subsidiary of JSE-listed Barclays Africa Group, welcomes the announcement by the president of Sumitomo Mitsui Banking Corporation (SMBC), Mr.Takeshi Kunibe, that will result in further business cooperation between the two banks.
The latest cooperation agreement signed on 12 January 2014 in Maputo, Mozambique, focuses on the development of Mozambique’s natural resources, infrastructure and water security – which are all expected to deliver significant economic growth. It 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 with the provision of 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 a wider range of support to SMBC’s clients through 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 Stephen van Coller, head of corporate and investment banking at Absa.
“Backed by the global support of Barclays, this agreement underscores our commitment to the Mozambican economy and people, and further consolidates our leading position in the power and infrastructure sectors,” added van Coller.
The signing ceremony was presided over by President Armando Guebuza of Mozambique, Prime Minister Shinzo Abe of Japan, Mr Kunibe, Ms. Luisa Diogo, Chairperson of Barclays Bank Mozambique, and Mr Tetsuya Kodama, Vice Chairman, Barclays Securities Japan.
Note to the editor:
Absa is wholly owned by Barclays Africa Group Limited (Barclays Africa Group or the Group), which is 62.3% owned by Barclays Bank PLC (Barclays) and is listed on the JSE Limited. The Group is one of Africa’s major financial services providers offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management as well as bancassurance. We combine our global product knowledge with regional expertise and have an extensive, well established local presence.
The Group was formed through combining Absa Group Limited and Barclays’ African operations on 31 July 2013. Reflecting the enlarged group’s pan-African focus, our name changed from Absa Group Limited to Barclays Africa Group Limited on 2 August 2013.
At 30 June 2013, Absa Group Limited had 718,2 million shares in issue and a market capitalisation of R103 billion. The Group had assets of R841 billion, 9 997 automated teller machines, 962 staffed outlets and 33 879 permanent employees.
About Sumitomo Mitsui Banking Corporation:
Sumitomo Mitsui Banking Corporation (SMBC) was established in April 2001 through the merger of two leading banks, The Sakura Bank, Limited and The Sumitomo Bank, Limited. In December 2002, Sumitomo Mitsui Financial Group, Inc. was established through a stock transfer, as a holding company, under which SMBC became a wholly owned subsidiary of Sumitomo Mitsui Financial Group. SMBC has no major presence in Africa but has a Representative Office in South Africa that it uses as the springboard to cover Africa.
Established: June 6,1996
Head office: 1-2, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Employees: 23,228 (as of September 30, 2013)
Network: Domestic branches: 439
Overseas branches: 16
(as of September 30, 2013)
For more information please contact:
+27 11 214 2408
+27 83 618 7260
Marketing and Corporate Communications
Barclays Africa Group
+27 11 895 6695
+27 79 695 9798