Absa Group has unveiled its first overseas office in Beijing, China, to be launched in May 2024 as the lender expands its global footprint.
According to Absa Group Chief Executive Officer (CEO) Arrie Rautenbach, the non-banking subsidiary will offer Chinese clients and stakeholders banking solutions in Africa.
“The announcement reinforces our ambition to grow our international strategy – particularly as China is such a strategically important market for Africa. Our expansion into this dynamic market represents an exciting opportunity to unlock new avenues of growth and prosperity for Africa and China.”
Over the last few years, Sino-African partnerships have flourished, opening opportunities for African financial institutions in trade and infrastructure.
“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, offering us new opportunities with our clients in the region,” said Charles Russon, CEO of Absa Corporate & Investment Bank.
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“Establishing our base there 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.”
Absa Bank Kenya recently re-introduced the China Desk with a target audience of growing Chinese investors and businesspeople in Kenya and the East African region.
