SocGen, China Development Bank to team up in Africa

PARIS Thu Mar 27, 2014 10:44am EDT

A logo of the Societe Generale Private Banking firm is pictured at its Singapore premises November 28, 2013. REUTERS/Edgar Su

A logo of the Societe Generale Private Banking firm is pictured at its Singapore premises November 28, 2013.

Credit: Reuters/Edgar Su

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PARIS (Reuters) - Societe Generale (SOGN.PA), France's second-biggest bank by market value, has signed a deal with China Development Bank Corporation CHDB.UL (CDB) to offer financing and banking expertise in Africa, the French bank said on Thursday.

The announcement, which mentioned both retail and investment banking as being areas for future cooperation, came one day after a similar agreement between CDB and UK bank Barclays (BARC.L) to expand an existing strategic tie-up to Africa.

CDB is seeking to turn itself into a commercial lender, rather than a government-focused bank, with ambitions to expand internationally.

Its strategy includes helping Chinese companies to invest in Africa, a supplier of oil and raw materials like copper and uranium to China, the world's second-largest economy.

In 2011 CDB also signed strategic agreements with global private equity funds KKR (KKR.N), Permira and TPG Capital

TPG.UL.

(Reporting by Lionel Laurent; Editing by Greg Mahlich)

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