SMBC Europe and ICIEC ink deal to boost collaboration

SMBC Europe and ICIEC ink deal to boost collaboration
Updated 18 September 2014

SMBC Europe and ICIEC ink deal to boost collaboration

SMBC Europe and ICIEC ink deal to boost collaboration

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank Group, and Sumitomo Mitsui Banking Corporation Europe Ltd. (SMBCE), a subsidiary of the Sumitomo Mitsui Banking Corporation (SMBC) of Japan, have signed a memorandum of understanding (MOU) for cooperation.
The MOU is intended to strengthen the existing partnership between the SMBC Group and ICIEC, and to enable SMBCE and Sumitomo Mitsui Banking Malaysia Berhad (SMBCMY), the Shariah-compliant arm of SMBC, to better meet the needs of their clients using various insurance programs provided by ICIEC in the area of project and export finance on global basis.
This is particularly pertinent for the SMBC Group in relation to its increasing number of infrastructure projects in ICIEC’s member countries in the Middle East, Africa and Asia.
The MOU was signed on behalf of ICIEC by Hani Salem Sonbol, acting CEO of ICIEC, whereas Masahiko Oshima, CEO of SMBC Europe signed on behalf of SMBCE.