HONG KONG, March 26 (Reuters) - British bank Barclays PLC and China Development Bank Corporation (CDB)have signed a new agreement that expands an existing strategictie-up to Africa, the firms said on Wednesday.
The new memorandum of understanding replaces previousagreements between the two that had been in place since 2007. Itwill see Barclays provide state-owned CDB with corporate andinvestment banking capabilities and access to its retail andbusiness banking platform in 14 African countries, TimothyCuffe, a Barclays spokesman said.
The two firms' existing cooperation has been focused mainlyon staff training, and banking opportunities within China.
CDB is seeking to turn itself into a commercial lender,rather than a government-focused bank, and has signalled itsambitions to grow internationally.
That strategy includes helping Chinese companies to investin Africa, a supplier of oil and raw materials like copper anduranium to China, the world's second-largest economy.
In 2011 CDB also signed strategic agreements with globalprivate equity funds KKR, Permira and TPG Capital. (Reporting By Lawrence White; Editing by Kenneth Maxwell)
Barclays (BARC)
