Attijariwafa Bank and Sumitomo Corporation Europe Limited, a direct branch of the Japanese conglomerate Sumitomo Corporation, signed a Memorandum of Understanding at the end of July, Attijariwafa Bank said on Monday. Through the Memorandum signed by Boubker Jai, Managing Director of Attijariwafa Bank and Bin Hafa, CEO of Sumitomo Corporation Europe Limited, both parties agreed to develop a long-term partnership for large-scale operations in Africa. The memorandum aims at promoting cooperation between the two groups in the automotive, infrastructure, chemical, mining and agricultural sectors in both Africa and Morocco, said a communiqué issued by the Moroccan bank. Boubker Jai said that the memorandum is «an opportunity offered to the two groups to act together in Africa». «This Partnership opens up promising prospects for the Sumitomo Corporation for the development of its investments and commercial flows with the help of our Group,» said Attijariwafa Bank Chief Executive Officer. Ikari Data, Managing Director in charge of Business Development at Sumitomo Corporation Europe Limited, said the new agreement will allow the Japanese group to «access the network and explore the expertise of the Attijariwafa Bank Group». «An integrated African financial group capable of supporting our new regional strategy in the countries where the Group is already established,» he added. Attijariwafa Bank recalls that Sumitomo Corporation is already present in Morocco and South Africa through several subsidiaries. «In Morocco, it also operates very important exchanges with local distributors of Japanese brands,» the statement concluded.
