KCB Bank Kenya has reportedly signed an agreement with Asian lender Sumitomo Mitsui Banking Corporation (SMBC), in order to drive cross border trade and deepen their financial inclusion.
The agreement between KCB Bank Kenya and Sumitomo Mitsui Banking Corporation (SMBC), who are among the largest banks in their respective regions, was signed last week in Yokohama last week and will see the two lenders expand the financial offerings which they offer to their respective clients in both East Africa and Japan.
Under the new agreement, KCB Bank Kenya, will provide banking services which will include cash management and bank accounts, trade finance, treasury related products and export credit agency finance, to customers introduced to KCB by Sumitomo Mitsui Banking Corporation (SMBC), effectively granting more cross border trade flows.
Paul Russo who is the Director of Regional Businesses at KCB Group stated that, “We believe that new business opportunities will arise from the rapid economic development in Kenya and therefore seek areas of mutual partnership to support such development, utilising the product capabilities and global and local network of both banks.”
Mr. Russo while speaking at the signing ceremony on the sidelines of the 7th annual Sumitomo Mitsui Banking Corporation (SMBC) Africa Summit, added that, “We expect to open up the East African market to the Asian market especially in the trade and motor vehicle industry.”
KCB Bank Kenya already currently works with several multinational companies in different industries which include motor vehicles, household consumer and retail products, as well as others.
KCB Bank Kenya’s decision to partner with Sumitomo Mitsui Banking Corporation (SMBC) will expand the Bank’s portfolio increasing their global business operations. The deal will further strengthen SMBC coverage in Africa.
Tetsuro Imaeda who is the Managing Executive Officer & Head of the Europe, Middle East and Africa (EMEA) Division of Sumitomo Mitsui Banking Corporation (SMBC) said, “We are delighted to collaborate with KCB to forge a great working relationship. Cooperating with local financial institutions in Africa is indispensable for us to expand our Africa business and responding to customer needs.”
The Managing Executive Director added that, “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.”
KCB Bank Kenya, which currently has a representative office in Ethiopia, as well as operations in Kenya, Burundi, Rwanda, South Sudan, Tanzania and Uganda, aims to use the partnership to further expand its operations within Africa.
