This archive report was first published on 11 September 2019.
On September 11, 2019, KCB Bank Kenya signed a historic agreement with Japan's Sumitomo Mitsui Banking Corporation (SMBC) to expand financial offerings to clients in East Africa and Japan.
The partnership, signed in Yokohama, will enable more cross-border trade flows between the two regions.
Export Credit Agency Finance ¶
Under the deal, KCB will provide banking services, including banking accounts, cash management, trade finance, export credit agency finance, and treasury-related products, to customers introduced by SMBC.
"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," said Paul Russo, KCB Group Director Regional Businesses.
Speaking during the signing ceremony, Russo added: "We expect to open up the East African market to the Asian market, especially in the trade and motor vehicle industry."
Partnering with SMBC will expand KCB's portfolio and increase its global business operations.
"We are delighted to collaborate with KCB to forge a great working relationship," said Tetsuro Imaeda, Managing Executive Officer & Head of EMEA Division, SMBC.
He added: "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."
