Standard Bank celebrates the Chinese Year

WINDHOEK, Feb. 16 – Standard Bank has long valued its relationship with the Chinese community in Namibia because they contributed vastly to the socio-economic development of the country, making them an invaluable ally.

As such, the Bank recently joined the Chinese community in celebrating their New Year, the Chinese Year of the Dog at Windhoek Country Club.

In Chinese astrology, ranked as the eleventh animal in Chinese zodiac, Dog is the symbol of loyalty and honesty. People born in the Year of the Dog possess the best traits of human nature. They are honest, friendly, faithful, loyal, and smart and have a strong sense of responsibility.

“The Bank’s traditional Chinese New Year activities celebrate the growing, mutually-beneficial economic relationship between the two countries and to assist the growing economic development between the regions. Standard Bank’s relations with the Chinese Namibia Chamber of Commerce and Industry have come a long way. With our long term partnership, Standard Bank has built mutually beneficial business relations with the Chinese companies and clientele here in Namibia…,” Standard Bank’s Corporate and Investment Banking Chinese Relationship Manager, Annelie Cloete, said of the celebrations.

Owing to the fact that a majority of the Chinese community travel back to China for the festivities, the local celebrations were held early on 27 January.

“Standard Bank is proud to be at the centre of Chinese business, investments and projects because the Bank understands and responds to the needs and requirements of Chinese people in Namibia,” she added.

Standard Bank’s New Head of Corporate and Investment Banking, Anne Juuko, handed over a donation of N$50 000 to the Chinese Namibia Chamber of Commerce and Industry.

“The huge scale of bilateral trade between China and Africa, as well as the continent’s open business environment offers Chinese firms a great many opportunities. Standard Bank has a significant shareholding of just over 20 percent with China’s biggest bank, ICBC. Our connection with the Chinese business community is therefore very inherent. We want to use this bond to help our Chinese business community in Namibia to network, but also to transact and to do business in a more seamless manner,” she explained.

Through its strategic partnership, ICBC and Standard Bank are increasingly exploring opportunities to expand cooperation into new areas of business. China’s need for natural resources to sustain its rapid growth is driving trade with Africa. China is becoming Africa’s largest export market and in turn, Africa is benefitting from China’s increasing capital investments.

“China has made some huge investments in Africa. Standard Bank helped China General Nuclear Power Corp acquire the Husab Uranium Mine in Namibia for around US$2.5 billion, which reached an output of around 11 000 metric tons in 2017. This is the second largest Chinese investment in Africa and only second to the investment by ICBC in the Standard Bank Group. Other big investment projects include the local harbour upgrade project. There is a significant exchange of business between China and Namibia,” Anne Juuko pointed out.

Standard Bank also launched the world’s first dedicated Africa China Banking Centre (ACBC) in Johannesburg in mid-2017. Through these unique hubs, the bank is able to offer African and Chinese clients a business-to-business networking and personal advisory service, helping them to access and unlock the many opportunities in Africa-China trade.

“With China’s assistance, Africa’s economic take-off is now well underway. It’s a great time to be investing and working in Africa. With our deep Chinese and African roots, local knowledge and global reach, ICBC and Standard Bank are here to do everything we can to ensure that your companies succeed,” she concluded.

The Bank remains confident in the long-term resilience of the Africa-China trade and investment corridor, despite the recent global economic downturn. – NDN Staffer