Standard Bank, the largest African financial services organisation by assets, hosted a high-profile roundtable at its Beijing office, reinforcing the vital role of China-Africa cooperation in driving economic growth and sustainable development. The event took place sidelines of the Forum on China-Africa Cooperation (FOCAC), a significant gathering aimed at enhancing bilateral relations and economic partnerships between the two regions.
In addition to the roundtable, Sim Tshabalala, CEO of Standard Bank Group also attended the Opening Ceremony of the 2024 FOCAC Beijing Summit which was held at the Great Hall of the People, with the keynote address from Chinese President Xi Jinping.
Strategic Partnership with ICBC
During the roundtable, Sim Tshabalala highlighted the bank’s deep-rooted commitment to the Africa-China corridor, in partnership with ICBC. Tshabalala said: “We have an excellent match between ICBC and the Standard Bank in terms of scale, capabilities, culture and purpose. We are natural partners in the service of our clients both in China and on the African continent.”
Tshabalala emphasised that the partnership is geared towards facilitating trade, investment, and the implementation of the African Continental Free Trade Area (AfCFTA), which will be critical in propelling Africa’s next growth chapter.
Strong Financial Performance
Tshabalala also shared Standard Bank Group’s robust financial performance, noting a strong balance sheet with total assets of approximately $170 billion and a return on equity of 18.5%. He emphasised that the bank’s operations are driven by Africa’s growth, with a strategic focus on leveraging its partnership with ICBC to enhance Africa’s capacity for sustainable development.
AfCFTA and Intra-Africa Trade
Andrew Robertson, Head of Business Enablement and Operations at Standard Bank Business and Commercial Banking, provided insights into the African Continental Free Trade Area (AfCFTA), describing it as a remarkable opportunity for Africa. Robertson said: “Improving intra-Africa trade through AfCFTA will significantly advance the economic prosperity of Africa, as well as create opportunity for increased trade with the rest of the world.” He highlighted the importance of infrastructure development, with potential for partnerships with Chinese companies playing a key role in supporting trade within AfCFTA.
Focus on Renewable Energy and Technology
Funeka Montjane, CE of Personal and Private Banking at Standard Bank, emphasised the opportunities for collaboration between Africa and China in renewable energy and technology. Montjane also announced that Standard Bank will be signing a Memorandum of Understanding with Huawei, focusing on network and connectivity, data architecture, cloud technology transformation, technology infrastructure, as well as skills development and transfer. Montjane said “This cooperative effort will initially benefit Standard Bank but will eventually extend to our clients, accelerating development across the continent.”