Bank of China and the Nedbank Group formalise alliance

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Bank of China and the Nedbank Group formalise alliance

By Wang Yuran (People's Daily Online) 18:45, August 06, 2013

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(Photo/People's Daliy Online)

Bank of China ('BOC') and the Nedbank Group have entered into a strategic business cooperation agreement to grow business flows between the People’s Republic of China ('China') and Africa.

The alliance will support clients of the BOC as they look to grow and invest in South Africa and the rest of Africa by providing access to an African bank with a deep understanding of how to do business in Africa, and similarly providing support through the expertise of the BOC for Nedbank clients expanding into China.

As the ninth largest bank in the world and China’s most international and diversified bank, the BOC provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 37 overseas countries. The bank has built up an excellent brand image which is widely recognised within the industry and by its customers. In 2011 and 2012, BOC was enrolled as a Global Systemically Important Financial Institution, the only financial institution from China or any emerging economy to be recognised as such. In 2000, BOC established its Johannesburg branch, which has supported and witnessed the rapid development of economic and trade exchanges between China and African countries.

Nedbank is the fourth largest bank in Africa, with a strong focus on commercial and investment banking, and a leader on the African continent. Like Nedbank, the BOC has strong foundations in corporate and commercial banking. The cooperation agreement is expected to enable the banks to align their collective efforts to leverage each party’s strengths across Africa.

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