Mizuho Bank MOU facilitates Japanese investment in Africa
Mizuho Bank and Standard Bank signed an MOU ahead of the TICAD 7 conference taking place in Yokohama, Japan this week, to further strengthen their strategic partnership.
Standard Bank first signed an MOU for business cooperation with Mizuho Bank in February 2012, which covered a broad range of banking and related operations targeting Japanese companies. These included local currency settlement, local currency loans, trade finance and project finance. In August 2016, the two banks agreed to expand the scope of business cooperation to cover non-Japanese companies.
By establishing a Japan Desk within Mizuho Bank, Standard Bank will be able to provide financial services in a timely manner to support Japanese companies interested in sub-Saharan Africa investment. The two banks will continue to cooperate in developing a framework to support their respective clients to further grow the Japan-Africa trade and investment corridor.
“At this celebratory event, I would like to express my sincere gratitude to everyone whose dedication and efforts have contributed to the success of the Mizuho Group - Standard Bank Group relationship. Some of the most attractive investment opportunities in Africa lie in sectors that aim to address the continent’s infrastructure deficit, including renewable energy, transport and Information and Communications Technology (ICT). These opportunities play firmly into Japanese strengths particularly in the context on the Fourth Industrial Revolution,” said Rob Cleasby, Global Head, Financial Institutions Group, Standard Bank Corporate and Investment Banking.
Mr Cleasby added, “We look forward to the collaboration between ourselves and Mizuho Bank growing beyond the daily flow of businesses and evolving people immersions in both our businesses, which will further cement this relationship. We have seconded a resource to Mizuho London as part of the immersion initiative and will be opening a Japanese desk, in partnership with the Mizuho Group to further enhance our capabilities and to assist Japanese clients negotiate the intricacies of doing business in Africa. To this end, the Japan Desk will be set up in Johannesburg with the sole intention of servicing all Japanese Corporates in Sub-Saharan Africa.”