Japan’s Sumitomo Mitsui Banking Corporation (SMBC) and Turkey’s Garanti Bankasi have signed a co-operation agreement on banking and financial services.

They will work together to develop business with export credit agencies (ECAs), provide financial advisory services for project and structured finance, as well as enhancing banking services to Japanese companies operating in Turkey.

The agreement falls within SMBC’s expansion strategy in Turkey, following the opening of a representative office in Istanbul in 2012.