Barclays CDB

Barclays, CDB scout for deals in Africa

Barclays and CDB’s agreement to work together in Africa illustrates Chinese banks’ eagerness to expand across the continent.
Barclays' Chairman Sir David Walker and Hu Huaibang, Chairman of CDB sign a new cooperation pact
Barclays' Chairman Sir David Walker and Hu Huaibang, Chairman of CDB sign a new cooperation pact

Barclays and the state-run China Development Bank Corporation CDB have rewritten their long-standing partnership to include deal-making in Africa, providing further evidence of China's ambitions on the continent.

Their wide-ranging agreement covers cooperation globally in training and development, corporate and investment banking as well as retail banking, the two said on Wednesday.

Chinese banks have been expanding rapidly across Africa in recent years providing corporate loans and infrastructure financing. Their progress has been underpinned by ballooning trade flows and China’s status as Africa’s largest trading partner.

Last year Sino-African trade surpassed $200 billion as Chinese companies scooped up resources ranging from oil in...

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