South Africa's Absa Group, a leading pan-African bank, announced on Wednesday the official launch of its new non-banking subsidiary in Beijing. The ambitious move aims to unlock more trade and investment opportunities between China and Africa.
The new office will enable the Johannesburg-based company to offer local support to Chinese clients and stakeholders to conclude transactions across the African continent, helping to support clients' needs, according to a statement issued by the Absa Group in January.
This business expansion demonstrates Absa's emphasis on and robust confidence in China's market. It also reflects China's persistent endeavors to foster growing economic ties with the rising Global South, experts said.
