By Lehlohonolo Lehana.
Banking Group Absa, a leading pan-African bank, announced on Wednesday the official launch of its new non-banking subsidiary in Beijing, China.
“Through this expansion, we are affirming our dedication to expanding our global presence and playing our part in facilitating growth on the continent, “says Absa Group CEO Arrie Rautenbach.
China is now Africa’s and South Africa’s largest bilateral trade partner, and this has been fueled by Chinese investment in Africa’s vast natural resources and infrastructure projects.
“Our decision to establish a presence in China was driven by our ambition to better connect trade, investment flows and clients into Africa, where we will serve them across our extensive continental footprint,” Rautenbach added.
In addition to general advisory services to clients based in China, the office will also distribute economic or general securities research reports permitted by Chinese regulation to corporate and institutional clients in China and across the African markets.
“Absa Group intimately understands the continent and seeks to be a partner of choice for organisations looking to access opportunities on the continent,” Rautenbach notes.
The new office is part of a wider commitment by Absa to expand its operations with an international presence in strategic markets and offer its expertise in African markets to its overseas clients, says Absa Corporate & Investment Bank CE Charles Russon.
“Our presence in China will help to firmly establish Absa’s capability to provide general advisory services to clients based in China for concluding transactions across the African continent. This will not only give us a physical presence in the region but also help us to meet the needs of our clients operating in this rapidly growing market.
“Being present in China allows us to be close to clients who see trade and investment in Africa as key to their strategic ambitions,” he says.