Two of the biggest banks in their respective geographies have committed to building on their already successful 15-year partnership.
Just days after South Africa signed a memorandum of cooperation with eight Chinese power companies at the Brics Summit, Standard Bank has announced a five-year renewal of its cooperation partnership with the Industrial and Commercial Bank of China (ICBC).
Two of the biggest banks in their respective geographies have committed to building on their already successful 15-year partnership by unlocking enhanced opportunities across the growing China-Africa trade corridor. Last year alone, the two banks facilitated trade flows valued at $600-million between Africa and China.
"Standard Bank has long understood the primary importance of China to the growth of our continent, and I am privileged and honoured to thank my colleagues at ICBC for their ongoing partnership," said Standard Bank's Group CEO, Sim Tshabalala.
"We look forward to the next 15 years together as we build on our successes and drive inclusive and sustainable growth in Africa."
Earlier this month, Standard Bank posted positive results, showing that its African operations were significantly buoying the bottom line, with a 45% contribution to headline earnings.
"This relationship is critical to accelerating Africa's economic development, broadens China's relationships with Africa, and gives African exporters access to the world's largest and most dynamic...