NAIROBI, Kenya, May 13 – Stanbic Bank has committed to facilitating Kenyan businesses’ access to China’s thriving market by enhancing seamless transactions.
Speaking during the just concluded China-Africa Economic Trade Exhibition (CAETE) held in Nairobi, Paul Mungai, Head of Trade and Africa China Banking at Stanbic Bank, emphasized the bank’s pivotal role in mitigating risks and facilitating seamless transactions.
“With over 1.4 billion people, China plays a critical role for Kenyan businesses in offering a wide market for local export produce,” said Mungai.
“Stanbic Bank offers access to the China market through solutions that catalyze growth, mitigate risks, and meet product and market demand,” he added.
The Bank, which is part of the Standard Bank Group, whose single largest shareholder is the Industrial and Commercial Bank of China (ICBC), has been facilitating access to international capital, enabling growth and diversification for African businesses.
Mungai noted that the Industrial and Commercial Bank of China (ICBC), being the largest bank in the world with a significant 20.1 percent shareholding, offers a unique presence that complements Stanbic Bank’s extensive footprint across Africa.
In 2022, Stanbic Bank and ICBC facilitated trade flows valued at $600 million, solidifying their position as leaders in Africa-China trade and investment facilitation.
“Stanbic Bank’s commitment to facilitating Africa-China trade underscores its role as a catalyst for economic growth and development on the continent,” he stated.
“By leveraging its strategic partnership with ICBC, Stanbic Bank continues to empower African businesses to seize opportunities in the world’s largest and most dynamic market, driving sustainable development across Africa.”
The bank has also enhanced Africa-China Trade Solutions by facilitating connections with credible Chinese suppliers and ensuring access to quality products and reliable partners through imports and exports.
According to the International Monetary Fund’s 2023 report on Trade Integration in Africa, trade being key to long-term, sustainable economic growth in Africa expanded the nation’s GDP from 49 percent in 2000 to 53 percent by 2019.
