Standard Chartered to boost Africa, China links
Standard Chartered Bank said it will continually promote and facilitate African-China relationship, stating that it plans to host 12 Africa Chairmen inBeijingfor its Annual Africa Chairmen’s Conference.
According to a statement by the bank, the motivation behind choosingBeijingfor this year’s location 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.
While inChina, the bank said it will provide the Africa Chairmen with insight intoChina’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 acrossChina.
The Bank’s Africa delegation will also participate inChina’s ‘4th Conference of African and Chinese Entrepreneurs’ during the ‘Forum on China-Africa Cooperation’ (FOCAC) inBeijing.
The Bank’s delegation is not limited toBeijing, but will be participating in various onward visits to cities such asChangsha,ZhengzhouandChengdubefore returning toAfrica.
Diana Layfield, Chief Executive Officer,Africa, Standard Chartered, said, “Africa-China trade has risen tenfold in less than a decade. Looking forward,Africawill 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. Our decision to host our Africa Chairmen inChinathis 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.”
Also speaking, Lim Cheng Teck, Executive Vice Chairman and Chief Executive Officer, Standard Chartered,Chinaadded, “The trade and investment linkages betweenChinaandAfricaare 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 inChina- yet another demonstration of the importance we place on the linkages betweenChinaandAfrica.”
Standard Chartered is the oldest foreign bank in China, opening its first branch in Shanghai154 years ago – four years before the Bank opened its first branch in Africa. Today the Bank boasts 87 outlets across Chinawith 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 Chinaby 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. The delegation will be in Chinafrom the 16thto the 20th July 2012.