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Barclays, CDB sign pact

China Development Bank Corp is teaming up with Barclays in a new agreement that will see the British lender offer corporate and investment banking services to the China bank in locations from New York to Johannesburg. The agreement comes as CDB has steadily grown its global reach in recent years by offering loans designed to support the Chinese government’s development priorities and by backing state-owned companies expanding overseas. It also lends to private companies. CDB began its operations more than two decades ago as one of three policy lenders that provided funds to state firms whose actions were aligned with government policy. For Barclays, the tie-up happens as chief executive Antony Jenkins has vowed to cut costs, shed staff and reshape the bank in an effort to improve its bottom line amid mounting losses. The new pact, described by Barclays as the first of its kind between CDB and a foreign investment bank, covers areas including stocks and bond sales, foreign exchange, day to day commercial banking and staff training.

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