Standard Bank pushes Chinese link with African countries
By Cai Xiao | China Daily | Updated: 2016-11-02 07:26
Standard Bank, Africa's largest lender, aims to become a bridge between China and Africa and its committed loans to Chinese companies together with local partner are set to hit the $2-billion mark this year.
To better serve both the Chinese and African markets, it has formed a strategic partnership with Industrial and Commercial Bank of China, one of its major shareholders, said Francois Gamet, CEO of Standard Bank China.
Gamet said that the partnership means the bank can "operate on both sides of any trade", noting that "with ICBC, we have committed and syndicated loans to Chinese companies for a total project size of $3.8 billion in Africa this year, as well as another $5 billion in the short to medium term."
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