GOVERNMENT CONGRATULATES STANBIC ON 10-YEAR PARTNERSHIP WITH ICBC
….Stanbic Bank and the Industrial and Commercial Bank of China fund US$2 billion power station
By Gillian Langmead at Langmead & Baker Ltd;
+260 979 060705; info@langmead.com
Stanbic Bank Zambia celebrate partnership with ICBC
LUSAKA, ZAMBIA – The 10-year powerhouse partnership between Stanbic Bank Zambia and the world’s largest bank, the Industrial and Commercial Bank of China (ICBC), has been praised by government for helping to boost the nation’s development and economic growth.
And the group has pledged to continue to step up its investment further.
“We are looking for opportunities for massive expansion across the continent,” said Standard Bank Regional Head of Commercial and Investment Banking Chris Clarkson.
Minister of Housing and infrastructure Hon. Ronald Chitotela said government’s passion for the growth of Zambia’s infrastructure was evidenced in the sheer quantity of socio-economically relevant projects that have been completed so far.
In a speech delivered on his behalf by Infrastructure Development Permanent Secretary Charles Mushota, he said: “The PF government prioritises infrastructure development as a way of creating sustainable economic development for the benefit of the public. Stanbic Bank Zambia and the ICBC have been hugely supportive in this quest by providing invaluable technical and financial support toward the completion of many of these projects including construction of the 750MW Kafue Gorge Lower hydro-power project at a cost of US$2 billion.”
The project was co-financed by ICBC and currently employs over 2,500 Zambians, while over 4,000 people are expected to be employed upon completion.
“I am glad to note that cooperation between the ICBC, Stanbic Bank and government is poised for further growth with more projects still in the pipeline,” he said, adding that in February this year, Cabinet approved government’s plan to construct 400km of roads with financing from the Export and Import Bank of China and the ICBC. Construction of the roads, which is part of the L400 is expected to start soon.
Stanbic Bank Zambia Chief Executive Leina Gabaraane said: “Our Africa-focused strategy and strategic partnership with ICBC, places us in a unique position to facilitate capital flow and cross-border trade between Africa and China. Through ICBC and Standard Bank Group’s presence in China, we have strong relationships with Chinese businesses – many of whom are already playing a significant part in the infrastructural development of African markets, and the many associated industries linked to that development, which drive socio-economic development.”
Mr Clarkson: “We believe in Zambia’s growth potential and are committed to partnering the government and other stakeholders in realising this potential by providing fresh solutions to the country’s needs in terms of financing developmental projects.”
Stanbic Bank Zambia’s parent company, the Standard Bank Group, which is the largest bank in Africa, and the Industrial and ICBC, the world’s largest bank, this week celebrated their 10th anniversary of their partnership at a colourful ceremony at Lusaka’s Golden Peacock Hotel.
The ICBC acquired a controlling stake in the Standard Bank Group in 2008. The acquisition leveraged the two finance giants’ strengths and market reach. It aligns ICBC’s financial and global reach with Standard Bank’s deep expertise and heritage in Africa for the benefit of the banks’ mutual and prospective clients. The partnership is designed to realise the full potential of deepening Africa-China trade and investment in a unique growth corridor.
The Standard Bank Group has international presence in six key financial centres and 20 African countries, providing the expertise and forging relationships to assist clients, and negotiate complex financial and regulatory cross-border environments. Specialised local teams and in-depth research drive the firm’s deep understanding of market dynamics in countries with rapidly developing economies.
About Stanbic Bank Zambia Limited
Stanbic Bank Zambia Limited is part of the Standard Bank Group, Africa’s largest bank by assets. The Standard Bank Group, with strong African roots and leader in emerging markets, has on-the-ground representation in 20 African countries
Stanbic Bank Zambia Limited is the largest bank in Zambia by balance sheet, offering a full range of banking and related financial services. The Bank is well capitalized and its capital position is above the regulatory minimum.
Stanbic Bank Zambia celebrates its partnership with ICBC
The Bank which has close to 60 years’ operating experience has a huge network of branches countrywide offering full spectrum of financial services from retail to corporate and investment banking
Our strategy is to be the leading financial services organisation in, for and across Zambia, delivering exceptional client experiences and superior value. We believe we can achieve this as Zambia is our home, we drive her growth. The Bank has been an integral part of the Zambian economy and is a leading player in the country’s financial services sector.
http://www.stanbicbank.co.zm/
