Stanbic IBTC Commissions Africa-China Banking Centre

L-R: Executive Director, Personal and Business Banking, Stanbic IBTC Bank Plc, Mr. Wole Adeniyi; Head, Operations Shared Services, Stanbic IBTC Bank Plc, Mrs. Omolara Osunsoko; Group Chief Executive, Stanbic IBTC Holdings Plc, Mr. Yinka Sanni; Commercial Consul, Chinese Embassy in Lagos, Mr. Liu Jun Sheng; Chief Executive Officer, Industrial and Commercial Bank of China (ICBC), Africa, Mr. Lubin Wang; Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle; and Regional Head, Personal and Business Banking, Standard Bank West Africa, Mr. Babatunde Macaulay, at the launch of Stanbic IBTC Bank Africa-China Banking Centre in Ilupeju, Lagos on Tuesday 13 November, 2018.

By LOVETH AZODO, Lagos

In a move aimed at offering Nigerian and Chinese clients a business-to-business networking and personal advisory service, and helping them to access and unlock the many opportunities in Nigeria-China trade, Stanbic IBTC Bank PLC, a member of Stanbic IBTC Holdings PLC, on Tuesday, commissioned an Africa-China Banking Centre (ACBC) in Lagos.

The launch of the Africa – China Banking Centre was performed by the Industrial and Commercial Bank of China (ICBC) Africa CEO, Mr. Lubin Wang; Commercial Consul, Chinese Embassy in Lagos, Liu Jun Sheng; and top management executives of Stanbic IBTC.

The opening of the Centre is another significant step towards improving ease of doing business between Nigeria and China, coming after the signing of the bilateral currency swap agreement between the two countries earlier in the year.

Sanni; Commercial Consul, Chinese Embassy in Lagos, Mr. Liu Jun Sheng; Chief Executive Officer, Industrial and Commercial Bank of China (ICBC), Africa, Mr. Lubin Wang; Chief Executive, Stanbic IBTC Bank Plc, Dr. Demola Sogunle; and Regional Head, Personal and Business Banking, Standard Bank West Africa, Mr. Babatunde Macaulay, at the launch of Stanbic IBTC Bank Africa-China Banking Centre in Ilupeju, Lagos on Tuesday 13 November, 2018

According to Chief Executive of Stanbic IBTC Bank PLC, Dr. Demola Sogunle, the launch of the Centre represents a critical opportunity to leverage the full potential of Africa and China’s rapidly evolving trade partnership.

He further explained that, “as an African bank with global reach, Stanbic IBTC is uniquely placed to unlock African opportunities by accessing Chinese capabilities”.

“Nigeria is a market with great potential for now and the future; ICBC has built a bridge between the two markets to create possibilities. This is the beginning for us to produce more specialized financial products and services for our Chinese clients and it is our aim to be the go-to Bank for Chinese businesses in Nigeria and Nigerian businesses trading with China,” said Sogunle.

The strategic institutional relationship involving the Industrial and Commercial Bank of China (ICBC), Standard Bank and Stanbic IBTC will help to drive trade between Africa and China with Stanbic IBTC listed as one of the settlement banks to manage the currency deal announced by the government. ICBC, the world’s biggest bank, holds 20 percent stake in Standard Bank, while Standard Bank has 64 percent stake in Stanbic IBTC. The relationship presents a huge leverage in Africa-China trade ties and has resulted in various initiatives across Africa, ranging from Renminbi trading, to Africa-China business centers, and landmark deals, which collectively constitute Standard Bank’s Africa-China trading corridor.

Speaking on the development, Executive Director, Personal and Business Banking, Wole Adeniyi, noted that “the rate of development in Nigeria and Africa at large depends on the ability to identify opportunities, as well as build and maintain strategic relationships that increase the ease of doing business in Nigeria; we must aim to add value beyond just banking and look to impact partnerships that would wholly improve trade and the economy by extension, this is our responsibility,” he added.

It will be recalled that in August 2018, Stanbic IBTC Bank PLC hosted the Chinese community at an Africa-China Connection event to showcase its value proposition and enlighten the guests on the currency swap agreement between Nigeria and China, as well as how the agreement would boost trade between both countries.

The Africa China Banking Centre (ACBC) will look to provide a long-awaited platform to link Nigerian and Chinese clients with China’s digital banking ecosystem through Stanbic IBTC’s Africa-China Banking value proposition. Staffed by bankers with Chinese language and cultural capability, ACBC will be a virtual finance hub that offers seamless consultation and advisory services via telephone, online or emailplatforms to both Nigerian and Chinese banking and investment clients. It will also assist clients with day-to-day banking needs, such as card facilities and transactions, internet and self-service banking, cross-border payments, and foreign currency services and support.

Stanbic IBTC Bank PLC is a subsidiary of Stanbic IBTC Holdings PLC, a member of Standard Bank Group, a full service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group is the largest African financial institution by assets and earnings. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 154 years and is focused on building first-class, on-the-ground financial services organizations in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, power and infrastructure