During the meeting, Mr. Asomaning underscored the importance of the strategic partnership between Standard Bank, the parent company of Stanbic Bank, and the Industrial and Commercial Bank of China (ICBC) in facilitating trade and investment between China and Africa. He emphasized that “China is Africa’s biggest trade partner and Standard Bank has long appreciated its strategic relevance to the growth of the African continent. It was from this perspective that in 2007, ICBC acquired a 20% stake in Standard Bank and remains its largest shareholder to this day.”

“The trade activities between Africa and China, coupled with China’s economic growth, Africa’s abundant resources, increasing industrialisation, and growing population, creates a promising environment for continued trade and investment. Recognising these trends, we established a China Desk in 2010 to cater to the needs of our over 200 Chinese business partners in the country. In 2022 alone, Standard Bank and ICBC facilitated trade flows between Africa and China valued at USD $600 million,” Mr. Asomaning added.

Both Standard Bank and ICBC have invested heavily in building the necessary infrastructure and relationships to provide African and Chinese businesses easier access to the vast opportunities in this strategic trade corridor. Standard Bank, with ICBC’s support, has facilitated the growth journeys of over 3,500 Chinese commercial, corporate, and state-owned entities across 15 African markets while enabling African businesses to obtain market access. The bulk of these firms are overwhelmingly private firms invested in a broad range of sectors. 

The meeting is a significant step forward in fostering a deeper understanding and establishing a stronger partnership between Stanbic Bank and the Chinese Embassy in Ghana.