Absa has officially launched a non-banking subsidiary in the People’s Republic of China.

“The African continent is endowed with talent, mineral wealth and a young population – and is poised to play an increasingly influential role in global trade, as investors recognise its status as the last true frontier in global growth,” said ABSA CEO Arrie Rautenbach

China is now Africa’s and South Africa’s largest bilateral trade partner, and this has been fueled by Chinese investment in Africa’s vast natural resources and infrastructure projects.

“Our decision to establish a presence in China was driven by our ambition to better connect trade, investment flows and clients into Africa, where we will serve them across our extensive continental footprint,” Rautenbach added. 

“Absa Group intimately understands the continent and seeks to be a partner of choice for organisations looking to access opportunities on the continent.”

The office in China will operate under a wholly foreign-owned enterprise licence, which allows Absa to provide general advisory services to clients based in China for concluding transactions across Africa.

The office will also provide general advisory services to clients based in China for concluding transactions across Africa and distribute economic or general securities research reports permitted by Chinese regulation to corporate and institutional clients in China and across the African markets. 

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