Bank of China and the Nedbank Group formalise alliance (2)

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The China–Africa relationship is dynamic on many fronts. China is South Africa’s most significant trading partner in terms of both exports and imports, and has been so for the past four years. Likewise, African trade with China has grown over the past 20 years and China has displaced France as Africa’s largest trading partner, demonstrating the strengthening of ties between China and Africa. As facilitators of the flow of capital, goods and services between geographies, the BOC and Nedbank will play a key role in growing and developing this relationship.

The agreement was signed at the Nedbank headoffice in Johannesburg in mid-July 2013, by Zhikun Qiu, Chief Executive of the Johannesburg branch of the Bank of China on instruction from the Bank of China headoffice, and Mike Brown, Chief Executive of Nedbank Limited.

Noting that 50 of China’s 73 Fortune 500 Companies have a presence in Africa, the BOC says the role of Chinese finance in Africa has evolved rapidly over the past decade, moving from a peripheral actor to one of increasingly central importance to African development.

Zhikun Qiu, the CEO of the BOC Johannesburg branch, appreciates the strategic partnership between the BOC and Nedbank. 'The two banks have consistently maintained a good relationship of cooperation. The signing of this agreement can be recognised as a major milestone in the development of the collaboration between the two banks and will enable both parties to deepen cooperation to their mutual benefit.'

Mike Brown said: 'Nedbank has a long-standing relationship with the Bank of China that has evolved over time and the alliance will provide Nedbank with access to new clients and new markets, and will facilitate both parties’ lending, trade finance and transactional banking businesses across Africa.' He noted that the BOC also has an existing alliance with Nedbank’s parent, Old Mutual, and with Ecobank, Nedbank’s alliance partner in Central and West Africa. 'We are therefore delighted to engage formally with the Bank of China, which shares our positive view on the exciting development of the African continent.'

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