Standard Bank signs up New Development Bank
Standard Bank South Africa announced last week it has signed a strategic cooperation agreement with the New Development Bank to forge a stronger working relationship between the two financial institutions.
Standard Bank stated that the new non-exclusive general business cooperation agreement will seek to foster closer cooperation between both banks, ranging from information exchange to investment banking. “Standard Bank and the New Development Bank aim to take advantage of this cooperation agreement to support their respective clients as they grow their business in Africa” the bank said in a statement issued after the signing.
The New Development Bank is a multilateral development bank founded by the BRICS countries (Brazil, Russia, India, China and South Africa). It focuses on infrastructure and sustainable projects in BRICS countries and other emerging economies and developing countries. The New Development Bank is headquartered in Shanghai, China and its first regional office will be opened in Johannesburg shortly.
The initial authorized capital of the New Development Bank is US$100 billion and initial subscribed capital is US$ 50 billion. Membership of the bank will be open to member countries of the United Nations over time.
The Standard Bank Group is the largest African banking group by assets, more than R1.98 trillion at 31 December 2015. It has operations in 20 African countries and representative offices in key markets around the world.