Absa Group expands reach to China with new office
ABSA Group has physically expanded its operations into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing.
Advertisement
At a ceremony in Johannesburg, South Africa, Absa Group showcased the continued growth of its international footprint alongside its commitment to fostering new opportunities between Africa and China.
The new office to be officially launched on May 8, 2024, 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.
A release from the bank also indicated that “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.”
“We’re thrilled to add our office in China to our global footprint,” Arrie Rautenbach, Group CEO of Absa Group, said, adding that, “Today’s 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.”
Investment relationship
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.
The CEO of Absa Corporate and Investment Bank, Charles Russon, said “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. 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.”
