PARIS, March 27 Societe Generale,
France's second-biggest bank by market value, has signed a deal
with China Development Bank Corporation (CDB) to offer
financing and banking expertise in Africa, the French bank said
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
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
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, Permira and TPG Capital
(Reporting by Lionel Laurent; Editing by Greg Mahlich)