Absa Group has expanded into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing.
The non-banking subsidiary is operational, with the official launch event in Beijing, scheduled for May 2024. This cements the continued growth of Absa’s international footprint alongside its commitment to fostering new opportunities between Africa and China.
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 international representative offices in strategic markets and offer deep expertise in African markets to its overseas clients.
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.
“We’re thrilled to add our office in China to our global footprint”, commented Arrie Rautenbach, Group CEO of Absa Group. “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.”
“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. “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.”
In the appreciation of the growing trade relations between Kenya and China, Absa Bank Kenya recently announced the re-introduction of a China Desk to offer relevant solutions to the growing community of Chinese investors and businesspeople operating in Kenya and the East African region. This strategic initiative, which will significantly be bolstered by the Beijing office, underscores the bank’s commitment to providing tailored financial solutions to support the growing trade between these two dynamic economies.