Absa Bank has strengthened its 'China Desk' as it seeks to continue offering tailor-made solutions to the growing Chinese investors and businesses operating in Kenya and the East African region.
According to the lender, the desk, which is fully staffed with Mandarin-speaking professionals, will enable the bank provide banking services such as project financing, trade financing, foreign exchange and hedging and cross-cultural expertise.
It will also provide CPF financing and access to a global network of experts, as China remains a key trade and investment partner with Kenya.
Absa bank’s managing director and CEO Abdi Mohamed said the move is aligned to Absa’s strategic priority to become a regional powerhouse in corporate and investment banking for clients looking to grow and expand their businesses.
“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," said the bank.
China is one of Kenya’s top trading partners and remains the single leading source of Kenya’s imports, accounting for slightly over a quarter of total imports.
Last year, the value of imports from China totalled Sh452.6 billion, the Economic Survey 2023 indicates, which was an increase from Sh441.4 billion in 2021.
On the other hand, Kenya’s exports to China were valued at Sh27.5 billion compared to Sh21.9 billion in 2021, representing a 25.8 percent increase.
China has been a critical participant in Kenya’s economic growth and development story over the last two decades, supporting modern infrastructure projects that have laid a solid foundation for long-term economic growth, the bank noted.
Infrastructure project includes the SGR, Nairobi Expressway, major road across the country, port development, among others.
"We recognise the immense potential for growth in this area and provide the financial tools and expertise required for businesses to thrive in both markets” said Mohamed.
