SMBC to Reinforce Biz Cooperation in Cambodia, S. Africa

Tokyo, Jan. 14 (Jiji Press)--Japanese megabank Sumitomo Mitsui Banking Corp. said Tuesday that it will boost business collaboration with Acleda Bank, Cambodia's leading commercial bank, and Absa Bank in South Africa. The Sumitomo Mitsui Financial Group Inc. <8316> unit said it has dispatched a staff member to a foreign corporate unit established by Phnom Penh-based Acleda. The employee will provide technical assistance for such services as opening accounts in the local currency and foreign exchange transactions. Since August 2012, Sumitomo Mitsui Banking has collaborated with Acleda such as by introducing Japanese companies wishing to do business in the Southeast Asian nation. In South Africa, Sumitomo Mitsui Banking included Mozambique on Jan. 12 in its business cooperation with Absa, a Johannesburg-based affiliate of major British financial services firm Barclays PLC. The Japanese bank aims to win lending and other contracts in large projects in the Sub-Saharan region believed to have growth opportunities, such as resource development and infrastructure construction. END