Absa expands wings to China with new office

Business
Absa expands wings to China with new office
Absa Bank reported a suspected fraud case involving a customer account.

Absa Group has marked 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 recognize 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 organizations looking to access opportunities on the continent,” Rautenbach added.

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 license 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 and Investment Bank.

“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.Africa as key to their strategic ambitions."

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