Stanchart Launches Africa-Asia Trade Desk
By Business Desk - The Ghanaian Times Business/Finance | Tue, 13 May 2008
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Standard Chartered Bank has launched an Africa-Asia Business Unit, based in the bank’s Africa Regional Office in Dubai.
The launch of the Africa-Asia Business Unit will enable the bank to significantly enhance its service to clients operating in Africa and Asia by facilitating closer trading relationships across this growing trade corridor.
A release issued by the bank yesterday quoted Jonathan Morrison, Head of Origination and Client Coverage, Wholesale Bank Africa, as saying that the trade corridors between Africa and Asia are growing rapidly hence the need for a special unit to facilitate trade between the two countries.
The release said trade between Africa and Asia exceeded $120 billion in 2007; India, Japan and Korea accounting for over $45 billion.
It said trade between Africa and China alone has soared to a staggering $75 billion.
Standard Chartered is launching the specialist business unit in order to provide even more support and focus to clients looking to capitalise on these burgeoning opportunities, it said.
It said the bank has deep local knowledge of both Africa and Asia and will continue to provide the necessary financial tools and strategic advice to Asian companies doing business in Africa –assisting economic development in both regions .
According to the release trade between Africa and China has grown 43 per cent per annum for the last five years, with total trade now estimated at $75 billion.
It said although the bulk of Chinese investment in Africa is government to government, international banks, such as Standard Chartered continue to play an important role in facilitating the development of a growing China-Africa investment corridor, particularly in the energy, mining and power sectors.
This continued growth it said requires a range of specialised financial products adding that the bank provides Asian companies looking to develop their business in Africa with financial advice and products, helping Asian companies to better understand the local financial infrastructure and credit environment.
The new business unit will also enhance the bank’s support for its African clients looking to capitalise on the rapid economic growth in Asia by providing increased capacity to exploit new markets and opportunities in Asia, it said.
Source: Business Desk - The Ghanaian Times
The launch of the Africa-Asia Business Unit will enable the bank to significantly enhance its service to clients operating in Africa and Asia by facilitating closer trading relationships across this growing trade corridor.
A release issued by the bank yesterday quoted Jonathan Morrison, Head of Origination and Client Coverage, Wholesale Bank Africa, as saying that the trade corridors between Africa and Asia are growing rapidly hence the need for a special unit to facilitate trade between the two countries.
The release said trade between Africa and Asia exceeded $120 billion in 2007; India, Japan and Korea accounting for over $45 billion.
It said trade between Africa and China alone has soared to a staggering $75 billion.
Standard Chartered is launching the specialist business unit in order to provide even more support and focus to clients looking to capitalise on these burgeoning opportunities, it said.
It said the bank has deep local knowledge of both Africa and Asia and will continue to provide the necessary financial tools and strategic advice to Asian companies doing business in Africa –assisting economic development in both regions .
According to the release trade between Africa and China has grown 43 per cent per annum for the last five years, with total trade now estimated at $75 billion.
It said although the bulk of Chinese investment in Africa is government to government, international banks, such as Standard Chartered continue to play an important role in facilitating the development of a growing China-Africa investment corridor, particularly in the energy, mining and power sectors.
This continued growth it said requires a range of specialised financial products adding that the bank provides Asian companies looking to develop their business in Africa with financial advice and products, helping Asian companies to better understand the local financial infrastructure and credit environment.
The new business unit will also enhance the bank’s support for its African clients looking to capitalise on the rapid economic growth in Asia by providing increased capacity to exploit new markets and opportunities in Asia, it said.
Source: Business Desk - The Ghanaian Times
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