- Standard Bank and the Industrial and Commercial Bank of China (ICBC) have signed an agreement to continue their collaboration for another five years, focusing on facilitating trade and investment between Africa and China.
- The partnership between South Africa’s largest lender, Standard Bank, and major shareholder ICBC, which owns nearly 20% of the bank, aims to unlock opportunities in the growing China-Africa trade corridor.
- The collaboration has already facilitated $600 million in trade flows in 2022, and both banks believe there are still significant untapped opportunities for further growth.
- Standard Bank recognizes the vital importance of China to Africa’s economic growth and expresses gratitude for the ongoing partnership with ICBC. The goal is to drive inclusive and sustainable growth in Africa.
- The partnership between Standard Bank and ICBC is critical in accelerating Africa’s economic development, strengthening China’s relationships with Africa, and providing African exporters with access to the world’s largest and most dynamic market.
- The endorsement of initiatives like the Belt and Road and the African Continental Free Trade Area (AfCFTA) is expected to enhance the relevance and mutual benefits between Africa and China.
- The partnership has already led to the growth of over 3,500 Chinese commercial, corporate, and state-owned entities across 15 African markets, enhancing Africa’s trade capacity and attracting investments from other markets.
The extended partnership between Standard Bank and ICBC is poised to contribute to the economic growth of Africa, strengthen bilateral trade, and foster closer ties between the two regions, creating long-term regional and global development opportunities.