Absa Bank on Monday, October 10 relaunched its China Desk to support the growing trade between Kenya and China.
The re-introduction of the desk is meant to offer tailor-made solutions to the growing community of Chinese investors and businesspeople operating in Kenya and the East African region.
Consequently, the desk is fully staffed with Mandarin-speaking professionals who will enable the bank to offer services including project Financing, CPF financing, and trade financing.
Other services to be offered are foreign exchange and hedging services, cross-cultural expertise, and access to a global network of experts.
Absa Bank’s Managing Director & CEO Abdi Mohamed made the announcement during a dinner event attended by customers drawn from the Chinese business community in Kenya.
Kenya-China Trade Relations
Abdi Mohammed said the move is aligned to Absa’s strategic priority to become a regional powerhouse in Corporate and Investment Banking.
Moreover, Absa Bank intends to leverage its regional presence to provide enhanced efficiency for clients looking to grow and expand their businesses.
Additionally, through the China desk, Absa bank will cater to both local and international clients with interest in China.
“The establishment of the China Desk is a response to the increasing demand for financial services and expertise in facilitating trade and investment between Kenya and China,” he pointed out.
Absa further noted the flourishing trade relations between Kenya and China.
“Absa Bank is well-positioned to offer specialized support to businesses and individuals engaging in cross border transactions.” Mr Abdi Mohammed stated.
Currently, China is one of Kenya’s top trading partners and remains the single leading source of Kenya’s imports.
According to the 2023 Economic Survey Report, China accounts for slightly over a quarter of total imports valued at Ksh452.6 billion in 2022.
On the other hand, Kenya’s exports to China were valued at Ksh27.5 billion in 2022 which is an increase from 2021’s to Ksh21.9 billion in 2021. The imports represent a 25.8 percent increase.
Absa CEO noted that, China has been a critical participant in Kenya’s economic growth and development story over the last two decades.
Strikingly, the Asian country has supported Kenya in the construction of modern infrastructure projects, such as the Standard Gauge Railway.
These investments into the country have laid a solid foundation for Kenya’s long-term economic growth.
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“We recognize the immense potential for growth in this area and provide the financial tools and expertise required for businesses to thrive in both markets” added Mr. Mohamed.
