The non-banking subsidiary is now open, with the official launch event in Beijing scheduled for 8 May 2024. At a signing ceremony in Johannesburg, South Africa, attended by Enoch Godongwana, the Minister for Finance of South Africa and Chen Xiaodong, the Chinese Ambassador to 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 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.
“We’re thrilled to add our office in China to our global footprint”, commented Arrie Rautenbach, Group CEO of Absa Group. “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.”
The China-Africa investment relationship has flourished over the past few decades, with China emerging as the continent’s larges t 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 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”, says 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.”
For more details about opening of Absa’s Beijing office, please contact prmedia@absa.africa
About Absa Group
Absa Group Limited (‘Absa Group’) is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services groups. Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insuran ce. Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda a nd Zambia and has insurance operations in Botswana, Kenya,
Mozambique, South Africa and Zambia. Absa also has representative offices in Namibia and Nigeria, and securities entities in the United Kingdom and the United States. For further information about
Absa Group Limited, visit www.absa.africa.
For more information, please contact:
Aron Luhanga
Head, Marketing & Corporate Relations
Absa Bank Tanzania Limited
+255 768 221 717
aron.luhanga@absa.africa
About Absa Bank Tanzania
Absa Bank Tanzania Limited is one of Tanzania’s leading financial institutions offering an integrated set of products and services across Corporate and Investment Banking, Business Banking with solutions for SMEs, and Retail Banking. Backed by its 21-year legacy in Tanzania and inspired by the people it serves, Absa is committed to finding local solutions to uniquely local challenges and everything we do is focused on bringing possibility to life.
For more about Absa Bank Tanzania, its products and services, visit www.absa.co.tz
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