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Stanbic Bank Zambia and the Industrial and Commercial Bank of China (ICBC) have reaffirmed their commitment to increasing Sino-Zambian trade volumes and contributing to the economic development of both regions.
Stanbic Bank’s Chief Executive, Mwindwa Siakalima, stated the significance of the ongoing partnership between the two institutions, highlighting its critical role in accelerating Africa’s economic development by providing access to the global market.
Speaking at the 2024 Lusaka-China Day Economic Forum, Siakalima noted that the 16-year strategic cooperation between Africa’s largest bank by assets, Standard Bank, and ICBC has been instrumental in offering China-Africa financial services to clients, including those of Stanbic Bank Zambia.
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“The Standard Bank Group and ICBC partnership has facilitated the world’s leading Africa-China trade and investment platform,” Siakalima said.
He also claimed to have introduced the Zam-China Trade Connect, a state-of-the-art facility aimed at financing cross-border trade between China and Zambia, with dedicated Chinese-speaking staff to bridge the language barrier and provide seamless trade finance solutions.
ICBC Africa Chief Representative and Standard Bank Board Member, Li Li, reflected on the strategic cooperation initiated in 2008 when ICBC became the largest shareholder of Standard Bank Group.
Li highlighted the partnership’s potential to leverage Zambia’s resources and further the development of Sino-Zambian economic and trade cooperation under initiatives like the Belt and Road Initiative and the ‘Nine Major Projects’ of China-Africa cooperation.
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