Kenya Commercial Bank (KCB) has entered into a deal with Japan largest bank Sumitomo Mitsui Banking Corporation (SMBC) as it seeks to deepen cross-border trade flows and financial inclusion.
Under the agreement, the two lenders will leverage on each other’s financial offerings provided to clients in both East Africa and Japan.
KCB will be introduced to new customers by SMBC and will get the opportunity to provide them with banking services ranging from cash management, trade finance, export credit agency finance, and treasury related customers.
Paul Russo, the KCB Group Director Regional Businesses said that the deal will help the bank increase its global business operations, the deal will further strengthen SMBC coverage in Africa.
“We believe that new business opportunities will arise from the rapid economic development in Kenya and therefore seek to areas of mutual partnership to support such development, utilizing the product capabilities and global and local network of both banks.
“We expect to open up the East African market to the Asian market especially in the trade and motor vehicle industry,” said Russo.
Mr. Tetsuro Imaeda, Managing Executive Officer & Head of EMEA Division, SMBC on his part said that the partnership with KCB will help the firm expand the Africa business and respond to customer needs.
“By signing the agreement between one of our most important partners in Africa, KCB, SMBC will be able to support our client’s business to East Africa through wide range of coverage of KCB in the areas and expects to further strengthen the existing strong relationship,”
Currently, KCB has its presence in Tanzania, South Sudan, Uganda, Rwanda, Burundi, and Ethiopia.
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