KCB Bank Kenya #ticker:KCB has entered into an agreement with Japan-based giant lender Sumitomo Mitsui Banking Corporation (SMBC) to drive cross-border trade between Kenya and the Asian nation.
Under the deal, which was signed in Yokohama, Japan last week, KCB will provide banking services —including banking accounts and cash management to clients introduced to it by SMBC.
KCB which also operates in Tanzania, South Sudan, Uganda, Rwanda, Burundi, will provide them with other services such as trade finance, export credit agency finance and treasury related products.
“We believe that new business opportunities will arise from the rapid economic development in Kenya and therefore seek to (identify) areas of mutual partnership to support such development, utilizing the product capabilities and global and local network of both banks,” said Paul Russo, the KCB Group Director Regional Businesses in a statement yesterday.
“We expect to open up the East African market to the Asian market especially in the trade and motor vehicle industry,” he added.
KCB works with several multinational companies in different industries such as motor vehicles, retail, household consumer products.
The deal will expand KCB’s global partnerships and further strengthen SMBC’s coverage in Africa. “We are delighted to collaborate with KCB to forge a great working relationship. Cooperating with local financial institutions in Africa is indispensable for us to expand our Africa business and responding to customer needs,” said Tetsuro Imaeda, managing executive officer & head of emerging markets division at SMBC.