Kenya Commercial Bank (KCB) has signed a pact with japan based giant lender, Sumitomo Mitsui Banking Corporation (SMBC) that will see Kenya’s biggest lender by asset tap into the Japanese market.
The agreement between the two banks signed in Yokohama last week will see the two lenders expand their financial offerings provided to clients in both East Africa and Japan, effectively enabling more cross border trade flows.
Under the deal, KCB will provide banking services including banking accounts and cash management, trade finance, export credit agency finance and treasury related products to customers introduced by SMBC to KCB.
Speaking on the sidelines of the 7th annual SMBC Africa summit, Paul Russo, the KCB Group Director Regional Businesses said KCB expects the deal to open up the East African market to the Asian market especially in the trade and motor vehicle industry.
“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,” said Paul Russo, the KCB Group Director Regional Businesses during the signing ceremony on the sidelines of the 7th annual SMBC Africa Summit.
The deal is also expected to strengthen SMBC coverage in Africa, which currently has two representative offices in Egypt and South Africa.
“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 existing strong relationship,” said Mr. Tetsuro Imaeda, Managing Executive Officer & Head of EMEA Division, SMBC.