Absa Signs Mozambique Cooperation Agreement with Sumitomo Mitsui Banking Corporation

Absa Bank, 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.

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