Absa aims to use new Beijing office to strengthen China-Africa business ties
- The bank will develop relationships with Chinese firms, advise on the capability that Absa Group has across its footprint in Africa, Absa China CEO Kaempfer says
- China’s trade with Africa rose 1.5 per cent year on year in 2023 to US$282.1 billion, according to Chinese customs data
Absa Group, one of Africa’s largest diversified financial services companies, aims to build stronger ties with Chinese firms as part of its global expansion strategy, amid growing investment and trade between China and Africa.
The Johannesburg, South Africa-based bank will focus on strengthening relations with state-owned entities, private companies, banks and development finance organisations via its subsidiary, which officially launched in Beijing in early May, according to Klaus-Dieter Kaempfer, CEO of Absa China.
“Absa’s strategy in China is to use our office to connect better with the head offices of Chinese corporates who do business in Africa,” he said.
With a healthy client base already in place, Absa will make its presence known and develop much closer relationships with prospective clients on the mainland, he added.
Absa’s Beijing office operates under a wholly foreign-owned enterprise licence, which allows it to provide general advisory services and research to clients based in China for transactions across Africa.
