Year of the Goat sees growing investments
The local Chinese community had ample support from one of their stakeholders that helped them transition smoothly into the Year of the Goat on 19 February. Standard Bank Namibia sponsored the celebrations with a donation of N$50,000. This week the bank said the Standard Bank Group has a long strategic partnership with Industrial and Commercial Bank of China Limited (ICBC). ICBC, the largest bank in China is a 20.1% shareholder of Standard Bank since October 2007.
“Standard Bank has significant shareholding of just over 20% with China’s biggest bank, ICBC. Our connection with the Chinese business community is therefore very inherent. We want to use this bond to help our Chinese business community to network, but also to transact and to do business in a more seamless manner. We also congratulate the Chinese in celebrating the Year of the Goat,” said Amit Mohan, Standard Bank’s Head of Corporate and Investment Banking. Lately, China has made some huge investments in Africa. The N$20 billion investment in the Husab mine is the second largest Chinese investment in Africa and only second to the investment by ICBC in the Standard Bank Group. Other big investment projects include the local harbour upgrade project. “There is a significant exchange of business between China and Namibia,” says Mohan. “Standard Bank’s strategic relationship with ICBC provides access to the world’s fastest growing region. It extends our ability to facilitate and finance trade flows between Africa and China. We have proven cross-border transaction capability, connecting our clients to growing trade and investment flows between emerging markets and between emerging and developed markets,” said Standard Bank’s CEO, Junius Mungunda.