SA Standard Bank, Japans Mizuho team up to back Japanese firms in Africa.

By bne IntelliNews February 27, 2012
South African Standard Bank said it has signed a business cooperation agreement with Japanese Mizuho Corporate Bank (MHCB), under which the two banks will partner to assist Japanese companies in Africa, Business day reported. The two banks will aim to take advantage of the cooperation agreement to support their clients as they conduct business within the region by fully meeting their financial needs, Standard Bank said. The cooperation agreement is non-exclusive and covers a wide range of investment and commercial banking business. It is the first such agreement Standard Bank signs with a Japanese bank. MHCB will seek to provide a full range of support to its Japanese clients, many of whom already have established businesses on the African continent or who are conducting business with African companies, Standard bank said in a statement. MHCB and Standard Bank will be able to offer a variety of services, such as local currency denominated remittances, local currency denominated loans and other financing, trade finance and project finance. MHCB is one of the main subsidiaries of Mizuho Financial Group, Japans second-largest lender by assets, reaching USD 1.9trln. It is the only of the countrys three biggest banks that has no presence in Africa. Standard Bank is Africa's largest bank by assets, with operations in 17 sub-Saharan countries. It is 20% owned by Industrial and Commercial Bank of China.

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