Friday, May 16, 2008

Morris urges enhanced banking in Asia, Africa

Morris urges enhanced banking in Asia, Africa
By Kabanda Chulu
Friday May 16, 2008 [04:00]

STANCHART head of wholesale banking Jonathan Morris yesterday said there is need to enhance banking services in Africa and Asia in order to facilitate the increasing trade between the two regions. Announcing the launch of the Africa-Asia business unit to be based at the Standard Chartered (STANCHART) Bank’s Africa regional office in Dubai, Morris stated that the trade corridor between Africa and Asia was growing rapidly.

“Trade between Africa and Asia exceeded US $ 120 billion in 2007 with India, Japan and Korea accounting for over US $ 45 billion hence STANCHART is launching the specialist business unit in order to provide even more support and focus to clients looking to capitalise on these growing opportunities,” Morris stated. “The launch of our Africa-Asia business unit is an exciting initiative because it will enhance our services to clients operating in Africa and Asia and facilitating closer relationships across this growing trade corridor.”

Morris further stated that trade between Africa and China had grown by 43 per cent per annum during the last five years, which was estimated at US $ 75 billion.

“Although the bulk of Chinese investment in Africa is government to government, international banks, such as STANCHART continue to play an important role in facilitating the development of a growing China-Africa investment corridor, particularly in the energy, mining and power sectors,” stated Morris. “This continued growth requires a range of specialized financial products and we are looking forward to develop these businesses with financial advice and products.”

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