Absa Bank Group extends footprints to China
Absa Group has extended its footprints to the world’s second-biggest economy. This follows the official launch of a non-banking subsidiary by the bank in the People’s Republic of China, in a move meant to fortify the vital economic bridge between Africa and China.
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Absa Group’s expansion into China highlights Absa’s client-centric approach to innately understanding its client’s needs.
Its 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.
Frontier in global growth
“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 recognise its status as the last true frontier in global growth.
“Through this expansion, Absa Group isn't merely acquiring a new location, we're affirming our dedication to expanding our global presence and playing our part in facilitating growth on the continent,” Group Chief Executive Officer of Absa Group, Arrie Rautenbach, said in a release.
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 fuelled by China’s investment in Africa’s vast natural resources and infrastructure projects, creating huge commercial opportunities for both regions.
According to Mr Rautenbach; “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 footprints.
Access opportunities
Absa Group understands the continent and seeks to be a partner of choice for organisations looking to access opportunities on the continent.”
This office allows the Absa Group to provide general advisory services to clients based in China for concluding transactions across the African continent, as well as distribute economic or general securities research reports permitted by Chinese regulation to corporate and institutional clients in China and across the African markets. “
“The new office will enable Absa Group to offer local support to Chinese clients and stakeholders to conclude transactions across the African continent, helping to support clients’ needs, goals and ambitions.
This is part of a wider commitment from Absa to expand its operations with an international presence in strategic markets and offer deep expertise in African markets to its overseas clients,” Chief Executive of Absa Corporate & Investment Bank, Mr Charles Russon said.
“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”, Mr Russon added.