Stan­bic, Chi­nese bank ce­ment ties

Chronicle (Zimbabwe) - - Business Chronicle - Busi­ness Re­porter

STAN­DARD Bank of South Africa Lim­ited (SBSA) has signed a strate­gic co­op­er­a­tion agree­ment with Chi­nese head­quar­tered New Devel­op­ment Bank (NDB) aimed at ce­ment­ing ties be­tween the two in­sti­tu­tions.

NDB is a mul­ti­lat­eral devel­op­ment bank founded by the BRICS coun­tries (Brazil, Rus­sia, In­dia, China and South Africa).

The new non-ex­clu­sive gen­eral busi­ness co­op­er­a­tion agree­ment will seek to fos­ter closer co­op­er­a­tion be­tween both banks, rang­ing from in­for­ma­tion ex­change to in­vest­ment bank­ing, said Stan­dard Bank, the par­ent com­pany for Stan­bic Zim­babwe.

SBSA and NDB aim to take ad­van­tage of this co­op­er­a­tion agree­ment to sup­port their re­spec­tive clients as they grow their busi­ness in Africa and other emerg­ing coun­tries.

NDB fo­cuses on in­fra­struc­ture and sus­tain­able projects in BRICS and other emerg­ing mar­ket economies and de­vel­op­ing coun­tries. New Devel­op­ment Bank is head­quar­tered in Shang­hai, China and the first re­gional of­fice of the NDB will be opened in Jo­han­nes­burg, South Africa.

The ini­tial au­tho­rised cap­i­tal of the NDB is $100 bil­lion and ini­tial sub­scribed cap­i­tal is $50 bil­lion. Mem­ber­ship of the bank will be open to mem­bers of the United Na­tions over time.

The Stan­dard Bank Group is the largest African bank­ing group by as­sets — over ZAR1.98 tril­lion (ap­prox­i­mately $128 bil­lion) as at De­cem­ber 31, 2015.

It has oper­a­tions in 20 African coun­tries, in­clud­ing South Africa, and rep­re­sen­ta­tive of­fices in key mar­kets around the world.

Stan­dard Bank cus­tomers ben­e­fit from its knowl­edge and ex­per­tise in emerg­ing mar­kets, cou­pled with its global out­look.

Stan­dard Bank op­er­ates as Stan­bic Bank in Zim­babwe.

South Africa is one of the eco­nomic pow­er­houses of Africa, lead­ing the con­ti­nent in in­dus­trial out­put and min­eral pro­duc­tion and gen­er­at­ing a large pro­por­tion of Africa’s elec­tric­ity.

It boasts of abun­dant nat­u­ral re­sources, wellde­vel­oped fi­nan­cial, le­gal, com­mu­ni­ca­tions, en­ergy and trans­port sec­tors, a stock ex­change ranked among the top 20 in the world, and a mod­ern in­fra­struc­ture sup­port­ing ef­fi­cient distri­bu­tion of goods through­out the south­ern African re­gion.

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