Absa has announced plans to establish a physical presence in China through a non-banking subsidiary that will offer advisory services. The new subsidiary will be based in Beijing and aims to assist Chinese clients and stakeholders in concluding transactions across Africa.
Absa said this move reflects its broader commitment to expand its operations in strategic international markets and provide foreign clients with expert knowledge of African markets.
The office is set to officially open on May 8, 2024. Group CEO, Arrie Rautenbach, highlighted that this move supports their ambition to expand their international strategy, specifically considering the strategic importance of the Chinese market for Africa.
Absa noted the flourishing investment relationship between China and Africa over the past few decades, with China emerging as Africa’s largest bilateral trade partner. A significant portion of this partnership is driven by Chinese investments in Africa’s natural resources and infrastructure projects, creating substantial commercial opportunities in both regions.
The establishment of a presence in China is expected to reinforce Absa’s capacity for providing advisory services to clients based in China, ensuring new opportunities with regional clients.
