WINDHOEK – Standard Bank Namibia strongly encourages corporate and investment banking relations between Namibia and the Chinese business community. This was revealed at the recently held Chinese New Year event this month, when Standard Bank sponsored a total of N$50 000 towards the 2015 Chinese New Year event.
These developments come against the general backdrop of Standard Bank’s Group’s long-standing strategic partnership with Industrial and Commercial Bank of China Limited (ICBC). ICBC, the largest bank in China is a 20.1 percent shareholder of Standard Bank. The shareholding agreement was signed way back in October 2007. ICBC is currently ranked No.1 in The Banker’s annual ranking of the top 1000 banks globally (2014).
“Standard Bank has significant shareholding of just over 20 percent with China’s biggest bank, ICBC. Our connection with the Chinese business community is therefore very inherent. We want to use this bond to help our Chinese business community in Namibia to network, but also to transact and to do business in a more seamless manner. We also congratulate the Chinese in celebrating the Year of the Goat,” says Amit Mohan, Standard Bank Namibia’s Head of Corporate and Investment Banking.
Lately, China has made some huge investments in Africa. The N$20 billion investment in the Husab Mine is the second largest Chinese investment in Africa and only second to the investment by ICBC in the Standard Bank Group. Other big investment projects include the local harbour upgrade project. “There is a significant exchange of business between China and Namibia,” says Mohan.
China’s need for natural resources to sustain its rapid growth is driving trade with Africa. China is becoming Africa’s largest export market and in turn, Africa is benefitting from China’s increasing capital investments.
“Standard Bank’s strategic relationship with ICBC provides access to the world’s fastest growing region. It extends our ability to facilitate and finance trade flows between Africa and China. We have proven cross-border transaction capability, connecting our clients to growing trade and investment flows between emerging markets and between emerging and developed markets,” said Standard Bank Namibia’s Chief Executive, Junius Mungunda.