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Absa Bank taps Kenya-Chinese trade corridor for growth

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Increasing bilateral trade between Kenya and China has prompted Absa Bank to re-introduce China Desk which offers tailor-made financial services to traders and investors in the two countries.

Absa Bank Chief Executive Officer Abdi Mohamed says the desk which has Mandarin-speaking staff will enable the bank to provide banking services among others, project financing, trade financing, foreign exchange and hedging, and access to a global network of experts.

“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. As the trade relations between the two nations continue to flourish, Absa Bank is well-positioned to offer specialized support to businesses and individuals engaging in cross-border transactions” said Mohamed.

Last year, the value of Kenya’s exports to China grew 29pc to reach Ksh 27.5 billion while imports from the world second largest economy amounted to Ksh 452.6 billon.

According to Mohamed, the reintroduction of the desk is aligned to Absa’s strategic priority to become a regional powerhouse in Corporate and Investment Banking, leveraging its regional presence to provide enhanced efficiency for clients looking to grow and expand their businesses.

“Indeed, 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 Kenya’s long-term economic growth. We recognize the immense potential for growth in this area and provide the financial tools and expertise required for businesses to thrive in both markets” added Mohamed.

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