* Mizuho, StanBank to cooperate in corp lending
* Japanese lenders have been slow to target Africa
(Adds details and background)
By David Dolan and Taiga Uranaka
JOHANNESBURG/TOKYO, Feb 19 (Reuters) – Japan’s Mizuho
Financial Group will sign an agreement to cooperate
with South Africa’s Standard Bank in corporate lending
as early as this week, according to two people familiar with the
matter.
The non-exclusive agreement will focus on bringing more of
Mizuho’s Japanese clients to Africa and Standard Bank’s clients
to Japan, said one of the people, both of whom declined to be
identified because the information is not public.
A spokesman for Mizuho declined to comment. A Standard Bank
spokesman said it would “not be appropriate” to comment.
The tie-up could be a sign that Mizuho – Japan’s
second-largest lender by assets – is becoming more serious about
doing business in Africa.
Mizuho is the only one of Japan’s three “megabanks” without
a presence on the continent. Rivals Mitsubishi UFJ Financial
Group and Sumitomo Mitsui Financial Group both
have offices in South Africa.
While global banks are increasingly looking to target trade
and deals between Asia and resource-rich Africa, Japanese
lenders have been slow to capitalise on Africa’s growth, despite
their expertise in areas such as project finance.
Johannesburg-based Standard Bank is Africa’s largest bank by
assets, with operations in at least 17 sub-Saharan countries.
It is 20 percent owned by Industrial and Commercial Bank of
China, meaning that a capital alliance with another
Asian bank would be unlikely.
(Editing by David Cowell)
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