CAPE TOWN: STANDARD Bank of South Africa Limited (SBSA) has signed a strategic cooperation agreement with Chinese headquartered New Development Bank (NDB) aimed at cementing ties between the two institutions. NDB is a multilateral development bank founded by the BRICS countries (Brazil, Russia, India, China and South Africa).
The new non-exclusive general business cooperation agreement will seek to foster closer cooperation between both banks, ranging from information exchange to investment banking, said Standard Bank, the parent company for Stanbic Zimbabwe. SBSA and NDB aim to take advantage of this cooperation agreement to support their respective clients as they grow their business in Africa and other emerging countries.
NDB focuses on infrastructure and sustainable projects in BRICS and other emerging market economies and developing countries. New Development Bank is headquartered in Shanghai, China and the first regional office of the NDB will be opened in Johannesburg, South Africa.
