Absa Group marks 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 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,” says Arrie Rautenbach, Group Chief
Executive Officer of Absa Group.
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 Chinese investment in Africa’s vast natural
resources and infrastructure projects, creating huge commercial opportunities
for both regions.
“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. Absa Group intimately
understands the continent and seeks to be a partner of choice for organisations
looking to access opportunities on the continent,” Rautenbach continues.
Absa Group’s expansion into China highlights Absa’s client-centric approach, in
being able to innately understand their client’s needs. Its office in China
will operate under a wholly foreign owned enterprise licence 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.
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,” says Charles Russon, CE of Absa Corporate &
Investment Bank.
He goes on to say, “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”, concludes Russon.
Source: Peacefmonline.com