China Development Bank (CDB) and French bank Société Générale have signed a memorandum of understanding (MOU) to expand financing and banking business in Africa.
The MOU will allow both lenders to team up in areas such as retail banking, corporate finance, capital markets and structured finance, and benefit from each other’s capabilities.
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As Société Générale has a strong footprint in Africa and other countries, both lenders could extend their cooperation to other locations.
The agreement came a day after CDB and Barclays extended their partnership to expand business in Africa.
Société Générale CEO and chairman, Frédéric Oudéa, said leveraging on their respective international reach, both their financial services will be connected across regions to better serve clients and projects.
CDB board of directors chairman, Huaibang Hu, said together with Societe Generale, by taking the advantage of mutual complementarity, they look forward to the further concrete progress in their cooperation.
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