CHINA DEVELOPMENT BANK AND SOCIETE GENERALE INTENSIFY COMMERCIAL RELATIONSHIPS

China Development Bank and Société Générale announce today the signing of a memorandum of understanding defining the future fields of commercial cooperation. The memorandum has been signed by Huaibang Hu, Chairman of the Board of Directors of China Development Bank, and Frédéric Oudéa, Chairman and CEO of Société Générale.

The memorandum will allow both institutions to benefit from each other’s capabilities in reciprocal financing and funding as well as each other’s fields of expertise on a global basis, such as retail banking, capital markets and structured finance.
Both institutions are starting cooperation in Africa where Société Générale has a strong footprint and this initiative could be extended to other geographies.

“We are delighted with this agreement and we look forward to strengthening our commercial relationships with China Development Bank, one of the largest development banks in the world. Leveraging on our respective international reach, both our financial services will be connected across regions to better serve clients and projects”, said Frédéric Oudéa, Chairman and CEO of Société Générale.

“We hope the signature of this agreement would set a solid foundation for our future cooperation. Together with Societe Generale, by taking the advantage of mutual complementarity, we look forward to the further concrete progress in our cooperation”, said Huaibang Hu, Chairman of the Board of Directors of China Development Bank.