Rabat - Attijariwafa Bank and Sumitomo Corporation Europe Limited, a subsidiary of the Japanese conglomerate Sumitomo Corporation, signed a Memorandum of Understanding on July 26 to develop a long-term partnership for large-scale operations in Africa.
Rabat – Attijariwafa Bank and Sumitomo Corporation Europe Limited, a subsidiary of the Japanese conglomerate Sumitomo Corporation, signed a Memorandum of Understanding on July 26 to develop a long-term partnership for large-scale operations in Africa.
Signed by Boubker Jai, Chief Executive Officer of Attijariwafa bank and Bin Haga, CEO of Sumitomo Corporation Europe Limited, the Moroccan bank explained in a statement issued on Monday that the purpose of the memorandum is to promote cooperation between the two groups in the automotive, infrastructure, chemical, mining, and agriculture sectors in Morocco and Africa at large.
Jai stated that Attijariwafa Bank is “pleased to have signed this Memorandum of Understanding with Sumitomo Corporation Europe Limited” adding that it is an excellent opportunity for two groups “to act together in Africa.” For Jai, this partnership “opens up promising prospects for the Sumitomo Corporation for the development of its investments and trade flows with the support of our group.”
Ikari Data, Managing Director in charge of Business Development at Sumitomo Corporation Europe Limited, said that the Japanese group decided to sign this agreement with Attijariwafa bank to “support our presence and operations at the continental level and also to have access to the network and expertise of the Moroccan bank, which is now an integrated African financial group capable of supporting our new regional strategy in the countries where the Group already operates.”
The Sumitomo Corporation group is already present in Morocco and South Africa, through several subsidiaries. In Morocco, it operates extensive exchanges with local distributors of Japanese brands.