Absa today confirmed its expansion into China by opening a new non-banking subsidiary in Beijing.
The non-banking subsidiary is now open, with the official launch event in Beijing scheduled for 8 May 2024.
At a ceremony in Johannesburg today, Absa announced the expansion of its international footprint alongside its commitment to fostering new opportunities between Africa and China.
The event was attended by Finance Minister Enoch Godongwana and the Chinese Ambassador to South Africa, Chen Xiaodong.
Absa said its new office will enable the company to offer local support to Chinese clients and stakeholders to conclude transactions across the African continent.
This move 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,” said Absa CEO Arrie Rautenbach.
“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 company said China and Africa’s 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 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 the CEO of Absa Corporate & Investment Bank, Charles Russon.
“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.”