Banks are competing with Mozambican Stock Exchange, claims study - AIM
Reuters (File photo) / People stand in front of the headquarters building of Industrial and Commercial Bank of China Ltd (ICBC) in Beijing, October 15, 2013.
Standard Bank and the Industrial and Commercial Bank of China (ICBC) have established a partnership to foster investment by Chinese companies in Mozambique, “through innovative financing solutions or banking services,” said António Macamo, director of Standard Bank.
The director, quoted by the Mozambican press, also said that the partnership established with ICBC would allow Chinese economic agents who need financial support in Mozambique to access it more easily.
ICBC representative Lubin Wang said that the implementation of Chinese entrepreneurs’ initiatives in Mozambique would be faster, which will increase economic cooperation between the two countries.
“ICBC is China’s largest commercial bank and the Standard Bank group is the largest in Africa and this partnership will make investment in Mozambique more comfortable and easier, given the experience of both institutions,” said Lubin Wang.
The value of Chinese investment in Mozambique is US$6.7 billion, with trade between the two countries growing 4.98% to US$424.88 million in the first quarter of 2017.Source: Macauhub