British bank Barclays PLC and China Development Bank Corporation (CDB) have signed a new agreement that expands an existing strategic tie-up to
Africa, the firms said on Wednesday.
The new memorandum of understanding replaces previous agreements between the two that had been in place since 2007. It will see Barclays provide state-owned CDB with corporate and investment banking capabilities and access to its retail and business banking platform in 14 African countries, Timothy Cuffe, a Barclays spokesman said.
The two firms' existing cooperation has been focused mainly on staff training, and banking opportunities within China.
CDB is seeking to turn itself into a commercial lender, rather than a government-focused bank, and has signalled its ambitions to grow internationally.
That strategy includes helping Chinese companies to invest in Africa, a supplier of oil and raw materials like copper and uranium to China, the world's second-largest economy.
In 2011 CDB also signed strategic agreements with global private equity funds KKR, Permira and TPG Capital .
Reuters
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