Standard Bank and Woori Bank, a South Korea bank, signed a Business Cooperation Agreement (BCA) aimed at capturing more banking business from Korean companies operating or investing in Africa last week in Johannesburg, South Africa
The agreement was signed by Standard Bank’s Global Head of Financial Institutions, Robert Cleasby and Woori Bank’s Deputy President Dong Gun Lee in Seoul, South Korea.
“Woori Bank has no presence in Africa and therefore a partnership with a strong African bank like Standard Bank will enable Woori Bank to extend its banking relationship with key Korean clients to its non-presence countries. Africa and South Korea’s diplomatic relations are conducive to the flow of capital from South Korea to Africa, bringing in new prospects for institutional investors,” says Cleasby.
He further stated that, South Korea’s partnership with Africa is growing. “The trade flow in 2014 between South Africa and South Korea was R14 billion in exports and R16 billion in imports. South Korea’s foreign direct investment in Africa has increased substantially, up to $287m in 2010, from $24.3m a decade before,” he said. Cleasby noted that bilateral trade reached $25bn in 2011, from just under $6bn in 2000, making it one of the fastest growth performers among Africa’s external partners.