Absa Group has marked a historic milestone with the official launch of a non-banking subsidiary in the People’s Republic of China, fortifying the vital economic bridge between Africa and China.
The Absa office in China will operate under a wholly foreign-owned enterprise license which permits the financial institution to provide general advisory services to clients based in China for concluding transactions across the African continent, as a non-banking subsidiary of Absa Group Limited.
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.
“The African continent is endowed with talent, mineral wealth, and a young population – and is poised to play an increasingly influential role in global trade, as investors recognize its status as the last true frontier in global growth,” Absa Group Chief Executive Officer, Arrie Rautenbach said, emphasising that through the expansion isn’t merely acquiring a new location but a dedication to expanding the banks’s global presence and playing a key part in facilitating growth on the continent.
Rautenbach continued to say that the decision to establish a presence in China was driven by the bank’s ambition to better connect trade, investment flows, and clients into Africa serving them across the bank’s extensive continental footprint.
The China-Africa investment relationship has flourished over the past few decades, with China emerging as the continent’s largest bilateral trade partner. This has been fueled by Chinese investment in Africa’s vast natural resources and infrastructure projects, creating huge commercial opportunities for both regions.
Source: CEO East Africa
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