Stanbic IBTC Bank Plc has commissioned an Africa-China Banking Centre (ACBC) in Lagos. The initiative was designed to offer Nigerian and Chinese clients a business-to-business networking and personal advisory service and also help them to access and unlock opportunities in Nigeria-China trade.
The launch of the Africa-China Banking Centre was another significant step towards improving ease of doing business between Nigeria and China. The opening comes after the signing of the bilateral currency swap agreement between the two countries earlier in 2018.
The opening of the centre was performed by Mr. Lubin Wang, the CEO of Industrial and Commercial Bank of China (ICBC) Africa, Commercial Consul, Chinese Embassy in Lagos, Liu Jun Sheng and top management executives of Stanbic IBTC.
Dr. Demola Sogunle, the Chief Executive of Stanbic IBTC Bank said the launch of the centre was an opportunity to leverage the full potential of Africa and China’s rapidly evolving trade partnership.
According to Sogunle, “Nigeria is a market with great potential for now and the future; ICBC has built a bridge between the two markets to create possibilities. This is the beginning for us to produce more specialized financial products and services for our Chinese clients and it is our aim to be the go-to Bank for Chinese businesses in Nigeria and Nigerian businesses trading with China”.
The relationship between the Industrial and Commercial Bank of China (ICBC), Standard Bank and Stanbic IBTC is expected to enhance trade between Africa and China. ICBC, the world’s biggest bank, holds 20 percent stake in Standard Bank, while Standard Bank has 64 percent stake in Stanbic IBTC.
The relationship presents a huge leverage in Africa-China trade ties and has resulted in various initiatives across Africa, ranging from Renminbi trading, to Africa-China business centers, and landmark deals, which collectively constitute Standard Bank’s Africa-China trading corridor.