HONG KONG (Reuters) - British bank Barclays PLC (>> Barclays PLC) and China Development Bank Corporation
The new memorandum of understanding replaces previous agreements between the two that had been in place since 2007. It will see Barclays provide state-owned CDB with corporate and investment banking capabilities and access to its retail and business banking platform in 14 African countries, Timothy Cuffe, a Barclays spokesman said.
The two firms' existing cooperation has been focused mainly on staff training, and banking opportunities within China.
CDB is seeking to turn itself into a commercial lender, rather than a government-focused bank, and has signalled its ambitions to grow internationally.
That strategy includes helping Chinese companies to invest in Africa, a supplier of oil and raw materials like copper and uranium to China, the world's second-largest economy.
In 2011 CDB also signed strategic agreements with global private equity funds KKR (>> KKR & Co. L.P.), Permira and TPG Capital
(Reporting By Lawrence White; Editing by Kenneth Maxwell)