Barclays enters into deal with Chinese bank

Barclays Group and China Development Bank Corporation (CDB) have announced the signing of a Memorandum of Understanding (MOU) on strategic cooperation in respect of business activities. The MOU replaces prior memoranda of understanding entered into since 2007. This MOU defines the cooperation framework and scope for CDB and Barclays to complement each other’s capabilities globally in the areas of training and development, corporate and investment banking, retail and business banking, as well as to partner with each other in relation to business opportunities in Africa. The signing ceremony held in Beijing was presided over by Hu Huaibang, chair of CDB and Sir David Walker, Barclays Group chair. “CDB has been a valuable partner of Barclays since 2007. The signed MOU reflects changes that have taken place in both CDB and Barclays since 2007, and provides a more relevant framework that will further strengthen the strategic relationship between both organisations,” said Walker. Barclays and CDB International, CDB’s Hong Kong based investment arm, have also signed a separate memorandum of understanding in relation to investment opportunities for CDB outside of China.