Nedbank and Bank of China in strategic cooperation pact

Alliance will support clients of BoC.

Nedbank CEO Mike Brown and BoC CEO Zhikun Qiu recently signed the strategic business cooperation agreement that is expected to boost business flows between China and Africa.

Nedbank is the fourth largest bank in South Africa while BoC is the ninth largest bank in the world.

Nedbank said the alliance will support clients of the BoC as they look to grow and invest in South Africa and the rest of Africa. This will be achieved by providing access to an African bank with a deep understanding of how to do business in Africa and similarly providing support through the expertise of the BoC for Nedbank clients expanding into China..

Noting that 50 of China’s 73 Fortune 500 Companies have a presence in Africa, BoC said the role of Chinese finance in Africa has evolved rapidly over the past decade.

It has moved from a peripheral actor to one of increasingly central importance to African development.