South Africa: Absa Targets Opportunities in China’s Corporate Expansion Across Africa

Absa Group aims to capitalize on growing investment by private Chinese firms in Africa, according to the head of the bank’s international business.

China’s role in Africa is evolving from large government loan-backed projects to increased investment by private Chinese firms.

“It was very much government to government,” she said. “One could also argue it shifted slightly and became government to business. And I think now we’re seeing it being business to business, increasingly so” said Absa International CEO Cheryl Buss.

The new office is currently operational and is scheduled to officially open in May, according to the bank.

 Buss highlighted that Absa is maintaining strong relationships with Chinese state-owned enterprises and development finance institutions, emphasizing their ongoing significance in Beijing’s ambitions in Africa.

Absa’s Chinese subsidiary is positioned to enhance the bank’s understanding of the requirements of both new and potential clients.

“It’s very key to be in China so that we can … understand which corporates are having a strategy shift towards Africa and where they may be investing,” she said.