Stanbic, Chinese bank cement ties
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.