South Africa's Absa Group taps Chinese market with Beijing subsidiary

BEIJING, May 9 (Xinhua) -- South Africa's Absa Group, one of Africa's largest diversified financial service providers, launched its subsidiary in Beijing on Wednesday, marking its first move to tap into the Chinese market.

The subsidiary is designed to provide non-banking services including consulting services for Chinese enterprises investing in Africa and releasing research reports.

Sino-Africa cooperation in investment has gained momentum in recent years, with China becoming Africa's largest trading partner, said Arrie Rautenbach, CEO of Absa, adding that Absa has always been keen on the Chinese market.

The opening of the subsidiary came as proof of China's commitment to high-level opening up, and the organization will inject vitality into further trade and investment cooperation between Africa and China, Rautenbach said.

According to data from China's Ministry of Commerce, South Africa has been China's largest African trading partner for 14 years in a row.

Founded in 1991, Absa is headquartered in Johannesburg, South Africa.