The strategic partnership between the Industrial and Commercial Bank of China (ICBC) and the Standard bank over the past 10 years has accelerated and deepened economic trade relations between China and Africa, heads of two financial institutions said on Monday.
Johannesburg based Standard bank Chief Executive, Sim Tshabalala, said that the cooperation has resulted in billions of dollars being invested in building infrastructure in a number of African countries.
"This has also seen African entrepreneurs being assisted. The movement of goods has also improved. Being in this partnership has been an unique position to occupy and to facilitate trade and investment in Africa. We've been able to serve African clients who want to contribute to the development of the continent," Tshabalala said.
Tshabalala was speaking here at an event marking the 10th anniversary of partnership between the two financial giants. The two institutions have been working together since 2008 when the ICBC acquired 20 percent stake in the Standard bank.
Yi Huiman, Chairman of ICBC, described the partnership over the decade as an opportunity that enabled the bank to work in emerging markets.
"The past ten years has proved to be very successful. African markets are huge and growing rapidly and the population is young. There are numerous milestones that we can count through this partnership. There's also been staff exchange program between the two," Yi said.