South Africa’s Absa Group expands to China

Absa Group will provide general advisory services to clients based in China.

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

The new office operates under a wholly foreign owned enterprise licence, which permits the financial institution to provide general advisory services to clients based in China for concluding transactions across the African continent, the group said in a press release.

Absa Group will also be able to distribute economic or general securities research reports to corporate and institutional clients in China and across the African markets.

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China is the African continent’s largest bilateral trade partner, Absa Group said in a press release, with China investing in Africa’s natural resources and infrastructure projects.

“Through this expansion, Absa Group isn't merely acquiring a new location; we're affirming our dedication to expanding our global presence and playing our part in facilitating growth on the continent,” Arrie Rautenbach, group CEO of Absa, said in a statement announcing the launch of its China office.