Two Moroccan banks have signed Memoranda of Understanding with two leading Japanese banks on the sidelines of the 2019 Tokyo International Conference on African Development (TICAD), taking place between August 28th and 30th.
Morocco’s Attijariwafa Bank and Banque Centrale Populaire (BCP) have signed two memoranda of understanding with their Japanese counterparts Mizuho Bank and Sumitomo Mitsui Banking Corporation during the 7th edition of the Japanese conference on African Development (TICAD) hosted in the Japanese city of Yokohama.
Attijariwafa Bank & Mizuho Bank
The MoU was signed by the President Director General of Attijariwafa Bank Group,Mohamed El Kettani, and Hiroshi Nagamine, Managing Executive Officer, Head of EMEA, Mizuho Bank & Mizuho Financial Group. It consists of giving a formal framework to the collaboration and sharing of banking and business practices between the two banks.
According to a communiqué released by the Attijariwafa Bank, the cooperation covers international trade operations, project finance, corporate banking, and capital markets.
Commenting on this new collaboration, Kettani stated that it represents a “milestone” for the Moroccan bank in its attempt to establish networks with the world’s leading banking institutions. He adds that it will create value for the costumers of both banks.
For the Japanese bank, this MoU is part of the Bank’s effort to “develop its relations with the African continent,” affirms Hiroshi Nagamine. He goes on to say that thanks to its network in Africa, Attijariwafa Bank represents an ideal partner as its connections and expertise of the African Market will be an asset for the Japanese Bank.
The Banque Centrale Populaire (BCP) & Sumitomo Mitsui Banking Corporation
The Memorandum of Understanding signed between The Banque Centrale Populaire (BCP) and Japan’s second largest banking corporation (SMBC) seeks to “mutually develop business opportunities on the African continent, says the Moroccan Press Agency (MAP).
Kamal Mokdad, Director General of BCP , who signed the MoU, stated that it “reflects the common will of both institutions to strengthen their cooperation in the strategic sectors of the different geographical areas where they are present.” He adds that it will contribute to “the sustainable development of trade and investment activities between Japan and Africa.”
Thanks to this collaboration, the Japanese group and its Asian clients will receive the support of the BCP and its subsidiaries in Morocco, Mauritius and the sub-Saharan countries in their investment and trade project.
This support, continues MAP, concerns diverse areas, such as “project financing, cash management and trade finance products, and local partnership development.”