(Ecofin Agency) – The group, present in twelve African countries, continues its expansion outside the continent, with the launch of an entity which will offer consulting services to Chinese clients.
The South African banking group Absa Group inaugurated, this Wednesday, May 8, 2024, a non-bank subsidiary in China to capture part of the opportunities linked to the increase in Chinese investments in Africa and bilateral trade.
This subsidiary “will provide advisory services to Chinese clients wishing to conclude transactions in Africa” And “will carry out studies on the macroeconomic environment or securities for companies and institutional clients in China”, Absa Group said in a press release.
“Our decision to establish a presence in China was driven by our ambition to better connect trade, investment flows and customers to Africa, where we will serve them across our extensive continental footprint. Absa Group knows Africa inside out and seeks to be a partner of choice for businesses looking to access opportunities on the continent », Explained Arrie Rautenbach, CEO of the banking group present in twelve African markets, quoted in the same press release.
And to add: “The African continent is blessed with talent, mineral wealth and a young population, and it is poised to play an increasingly influential role in global trade as investors recognize its status as the last true frontier of growth at the International scale “.
The Middle Kingdom is Africa’s largest trading partner, with trade worth $282 billion in 2023. It is also a major investor on the continent, particularly in the areas of resource exploitation. natural resources and the construction of infrastructure.
Also read:
05/02/2024 – South Africa: Absa Group opens a non-bank subsidiary in China and continues its international development
11/12/2019 – South African banking group Absa Bank targets expansion of its investment banking services in China
03/11/2024 – China-Africa: trade increased by 13.9% during the first 2 months of 2024, to $47.6 billion
01/30/2024 – China-Africa: trade increased by 1.5% in 2023, to $282 billion
