BOC signs agreements with Nedbank

Bank of China announced on Tuesday it has signed strategic cooperation agreements with South Africa's Nedbank Group to strengthen its business in Africa.

The fourth-largest Chinese lender said in a statement that the banks will start cooperation in areas such as retail banking, cards, and financing infrastructure.

BOC will support Nedbank in terms of yuan business, while Nedbank will facilitate BOC's business in the rand, the South African currency, it said.

"We will also expand the service coverage over Chinese enterprises in Africa by virtue of networks and resources from two sides," BOC said, adding it wishes to strengthen the infrastructure investment in southern Africa.

Nedbank is the fourth-largest banking group in South Africa, with a presence in 35 African countries. It has 500 branches and outlets.

BOC entered the African market in 1997 and has a presence in South Africa, Zambia, Kenya, and Angola. It has also set up "China Desk" in Ghana, Uganda, Egypt and Kenya.