In a bid to extend its global presence, Absa Group has opened a non-banking subsidiary in the People’s Republic of China, fortifying the vital economic bridge between Africa and China.

The subsidiary office in Beijing is a continuation of a decision made two years back when the Group opened two non-banking subsidiaries in London and New York.

The decision is rooted in Absa’s belief that Africa is endowed with talent, mineral wealth and a young population poised to play an increasingly influential role in global trade, as investors recognise its status as the emerging true frontier in global growth.

Absa Bank Tanzania Acting Corporate Director, Nellyana Mmanyi told the press yesterday that Absa Group isn't merely acquiring a new location but affirming its dedication to expanding global presence and playing a critical role in facilitating growth on the continent.

According to her, the China-Africa investment relationship has flourished for decades, with China emerging as the continent’s largest bilateral trade partner. This has been fuelled by Chinese investment in Africa’s vast natural resources and infrastructure projects, creating huge commercial opportunities for both regions.

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

She asserted that Absa Group’s expansion into China highlights Absa’s client-centric approach, in being able to innately understand their client’s needs.

She affirmed that the Beijing office will operate 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, as a non-banking subsidiary of Absa Group Limited.

Absa Bank Tanzania Head of Marketing and Corporate Affairs, Aron Luhanga said that the subsidiary office allows the Absa Group to provide general advisory services to clients based in China for concluding transactions across the African continent.

“The new office will enable Absa Group to offer local support to Chinese clients and stakeholders to conclude transactions across the African continent, helping to support clients’ needs, goals, and ambitions;

This is part of a wider commitment from Absa to expand its operations with an international presence in strategic markets and offer deep expertise in African markets to its overseas clients,” said Luhanga adding;

 “Our presence in China will help to firmly establish Absa’s capability to provide general advisory services to clients based in China for concluding transactions across the African continent. This will not only give us a physical presence in the region but also help us to meet the needs of our clients operating in this rapidly growing market.”