JSE-listed Standard Bank and the Industrial and Commercial Bank of China (ICBC) will continue working together to facilitate trade and investment between the African continent and the world’s second-largest economy for another five years.

In a statement released on Thursday, South Africa’s largest lender by assets confirmed the signing of the agreement with major shareholder ICBC, which owns just under 20% of Standard Bank.

The announcement comes as the 15th annual Brics Summit reaches final day in Sandton.

Standard Bank and ICBC, which have been locked in this marriage for 15 years, said there are still great opportunities to be unlocked in the growing China-Africa trade corridor, having already facilitated $600 million in trade flows in 2022.

“Standard Bank has long understood the primary importance of China to the growth of our continent, and I am privileged and honoured to thank my colleagues at ICBC for their ongoing partnership,” said Standard Bank Group CEO Sim Tshabalala.
“We look forward to the next 15 years together as we build on our successes and drive inclusive and sustainable growth in Africa,” he added.

“This relationship between Standard Bank and ICBC is critical to accelerating Africa’s economic development, broadens China’s relationships with Africa, and gives African exporters access to the world’s largest and most dynamic market.

“By jointly endorsing the Belt and Road initiative and leveraging the opportunities presented by the African Continental Free Trade Area (AfCFTA), we expect Africa and China to become even more relevant to each other,” Tshabalala said.

For ICBC chairman Chen Siqing, the partnership extension presents an opportunity for investment growth, particularly as South Africa grapples with its energy crisis and the rest of the world’s economies work towards net zero emissions.

“The ongoing development of China-Africa economic and trade exchanges, coupled with China’s economic growth and Africa’s abundant resources, increasing industrialisation, and growing population, creates a promising environment for continued trade and investment,” said Siqing.
“As these trends continue, we look forward to working with our trusted partner, Standard Bank, to unlock these opportunities. We firmly believe our relationship will continue to mature and bear synergies and will remain beneficial to both organisations,” he added.

Standard Bank’s share price 
The partnership has seen the growth of over 3 500 Chinese commercial, corporate and state-owned entities across 15 African markets. The growth of the Africa-China partnership is seen as a means to enhance Africa’s trade ability as well as its capability to attract more investments from other markets.

“As Africa’s biggest trading partner, China will remain deeply embedded in the continent’s economic growth story. Bringing these two regions together, combining our resources, ideas and cultures to create a unique shared capacity, has immense benefits that will drive regional and global development for generations to come,” concluded Tshabalala.