Diamond Trust Bank (DTB) has launched the China coverage department to cater to Chinese enterprises operating within the East African market.
Alongside the new China coverage department, DTB has introduced a wide range of products to cater to the needs of the market. This included direct RMB remittances from the Kenyan Shilling, RMB-based trade products including guarantees, imports and exports and financing financial products.
The bank will work in partnership with Habib Bank Limited (HBL), which has presence in China along with an RMB Intermediation license and years of experience serving Chinese enterprises in several countries.
Speaking at the launch of the new China department, DTB Kenya Chairman Linus Gitahi said, “China is one of Kenya’s biggest trading partners and we are proud to play our role in unlocking the growth opportunities between these two nations. We welcome all Chinese enterprises and nationals to visit our vast network of DTB branches across East Africa for a variety of banking solutions, including direct funds transfer to China and other International destinations.”
On her part, DTB Group CEO and Managing Director Nasim Devji said, “We are proud to support the Chinese enterprises and nationals in East Africa both from a corporate and retail perspective. Our ties with HBL ensures that we can now be a one-stop solution for handling RMB remittances.”
HBL is one of DTB’s shareholders and the two banks share a common background through the Aga Khan Fund for Development.
HBL is the largest bank in Pakistan, with China as its second home market, and has a footprint in over 14 countries across two continents. It was the first Pakistani bank and one of the three banks from South Asia and MENA region to open branches in China.