Standard Bank Namibia sees growing ties with Chinese businesses
Standard Bank Namibia, one of the southern African country's oldest banking institutions, says its relationship with Chinese companies and business people has grown from strength to strength.
The relationship started in earnest in Feb. 2015 when the Industrial and Commercial Bank of China Limited (ICBC) acquired shares in Standard Bank's London-based Global Markets business.
The acquisition allowed both ICBC and Standard Bank to create a platform to serve the growing demands of Chinese clients for global commodities, fixed income, currency and equities products while continuing as a distribution platform for African risk.
This union also allows for the Chinese community to transact in renminbi, which has vast benefits such as realising significant savings when U.S. dollar conversion costs and liquidity constraints are removed; promotes price transparency and reduces the cost of international trade; to name a few.
The renminbi cash exchange solution at Standard Bank Namibia's Windhoek branch was officially launched on Jan. 21, 2016.
Following its inclusion in the International Monetary Fund's Special Drawing Right basket of currencies, China's renminbi currency has became widely accepted for global trade.
Standard Bank Namibia's chief executive officer Vetumbuavi Mungunda said in a statement Wednesday that he was proud that Standard Bank is at the centre of Chinese business, investments and projects in Namibia.
According to Mungunda, this was because Standard Bank Namibia understands and responds to the needs and requirements of Chinese people in the country.
Mungunda wishes that the great symbiotic relationship should grow not only in Namibia but across the continent as a whole for a long time to come.
The Chinese business community in Namibia, he added, has contributed vastly to the socio-economic development of the country, making them a worthwhile ally.
"Cognizant of this fact, Standard Bank has worked closely with various Chinese captains of industry, and recently held a gala dinner in their honour, drawing them closer into the fold," Mungunda said.