The agreement will support BoC clients as they look to grow and invest in South Africa and the rest of Africa by providing access to an African bank strong links in the region. 

"As the ninth largest bank in the world and China’s most international and diversified bank, the BoC provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 37 overseas countries," Nedbank, which is Africa's fourth largest bank, said in a statement.

"In 2000, BoC established its Johannesburg branch, which has supported and witnessed the rapid development of economic and trade exchanges between China and African countries," it continued.

Nedbank is the fourth largest bank in Africa, with a strong focus on commercial and investment banking, and a leader on the African continent. Like Nedbank, the BoC has strong foundations in corporate and commercial banking. The cooperation agreement is expected to enable the banks to align their collective efforts to leverage each party’s strengths across Africa.

The agreement was signed at the Nedbank head office in Johannesburg in August.

The agreement involves an expanded currency exchange between the two banks, more supporting services to Chinese companies with operations in Africa via the banks' networks, larger cooperation in infrastructure investment in southern Africa, as well as commodities trade and more bankcard cooperation.