Recently, Bank of China and Nedbank Group from South Africa, have signed a strategic cooperation agreement in Johannesburg. According to the agreement, the two parties will cooperate in such areas as retail business, bank card business and infrastructure financing.
Strategic cooperation between the two banks in the future will mainly include the following aspects: BOC and Nedbank will support each other in RMB business and Rand business respectively; expand the service coverage in China-invested enterprises in Africa through the use of one another's networks and resources; increase investment in infrastructure in Southern Africa; and provide bulk commodity trade financing and bank card services. Regular business communication mechanism between the two banks will be established to ensure consistent and effective enforcement on the strategic cooperation agreement.
Nedbank Group is one of the major four bank groups in South Africa, ranking the 162nd in the world top 1000 banks. Now the bank has about 500 branches and business outlets, with business services available in 35 countries in Africa; making itself the largest bank network in Africa.
Since the establishment of relationship between BOC and Nedbank in 1992, the two banks have conducted all-around cooperation in various fields such as capital clearing, syndicated loan and bilateral loan. The strategic cooperation agreement signed by BOC and Nedbank Group this time will deepen the strategic partnership between the two parties.
BOC began its business in Africa in 1997. Currently, it has set up branches in South Africa, Zambia, Kenya and Angola, and Chinese business counters are available in Ghana, Uganda, Egypt and Kenya.
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