Source: Daily News
Dar es Salaam
Building on the Bank’s long history and strong presence on both sides of the rapidly expanding China-Africa trade and investment corridor, Standard Chartered Bank is this year hosting 12 Africa Chairmen in Beijing for the Bank’s Annual Africa Chairmen’s Conference.
The motivation behind choosing Beijing for this year’s conference, which started on 16th this month and expected to close on 20th July, is in line with Standard Chartered’s commitment to use its unique global footprint to support, promote and grow economically enhancing trade and investment corridors between these two regions.
According to a statement released by Stanchart bank head office in Dar es Salaam, while in China, Standard Chartered will provide the Africa Chairmen with insight into China’s strides in economic development, the Bank’s Chinese expansion strategy as well as facilitate strategic introductions with relevant and influential government, industry and private sector leaders across China.
The Bank’s Africa delegation will also participate in China’s ‘4th Conference of African and Chinese Entrepreneurs’ during the ‘Forum on China-Africa Cooperation’ (FOCAC) in Beijing.
Commenting on the coming meeting, Diana Layfield, the bank’s Chief Executive Officer for Africa, said, “Our decision to host our Africa Chairmen in China this year is simply another unique way we are using our presence and capabilities to create lasting relationships which stand to deliver economic benefit well into the future.”
“Africa-China trade has risen tenfold in less than a decade. Looking forward, Africa will have 1.1 billion people of working age by 2040 – expected to be the largest working population world-wide, and representing a very attractive consumer base for expanding companies to tap into for the future. Standard Chartered has the history, the presence and the expertise to make a tangible difference in supporting this rapidly increasing channel of economic growth.”
Lim Cheng Teck, Executive Vice Chairman and CEO of Standard Chartered China added, “The trade and investment linkages between China and Africa are significant. Standard Chartered has a very established presence in these markets and we are well positioned to serve clients and customers that trade and invest between these markets. We are delighted to host the African Chairmen in China – yet another demonstration of the importance we place on the linkages between China and Africa.”
Standard Chartered is the oldest foreign bank in China, opening its first branch in Shanghai 154 years ago – 4 years before the Bank opened its first branch in Africa. Today the Bank boasts 87 outlets across China with 7,000 staff. In Africa, the Bank has a presence in 16 markets, supported by more than 7,000 staff.
Given its strategic positioning, Standard Chartered has channeled valuable investment between Africa and China by supporting a numerous investments and trade relationships between the two regions.
Key transactions include the Bank’s partnership with the expansion of leading Chinese brands in Africa, including Huawei and ZTE, as well as facilitating China Investment Corporation’s (CIC) first and milestone investment into Africa – one of the world’s biggest sovereign wealth funds.
As exclusive financial advisor, Standard Chartered facilitated CIC’s acquisition of a 25.8% equity stake into South Africa’s Shanduka Group (Dec 2011). These strategic partnerships not only pave the way for additional investment, but also set a positive example for other potential investors to follow.