Stanbic IBTC Sensitises Traders on Naira-Yuan Swap Deal

Nume Ekeghe

Stanbic IBTC Plc recently sensitised its customers and stakeholders on the currency swap agreement between Nigeria and China.

The forum was meant to provide insight into how best to help clients and businesses leverage the opportunity as well as assess the impact of the Chinese economy on trade in Africa.

The interactive session tagged, ‘A Night of Africa-China Connection’ also provided a veritable platform for the bank to showcase its value proposition to the Chinese community in Nigeria.

Speaking at the event, the Chief Executive, Stanbic IBTC Plc, Dr. Demola Sogunle, who was represented by the Executive Director, Operations, Stanbic IBTC, Wole Adeniyi, said a major objective of the conference was to deepen the bank’s connection with the Chinese business community in order to set in motion enablers for a successful execution of the policy and further stimulate the strong trade and business ties between Africa, with special focus on Nigeria and China.

He described the agreement as a win-win for all parties as clients and businesses are exposed to business opportunities in Africa and China, while promoting trade in, for and across Africa with a special focus on the Africa-China and China–Africa trade corridor, based on credible and practical information.

It was also an opportunity to shed more light on how the strategic institutional relationship involving the Industrial and Commercial Bank of China (ICBC), Standard Bank and Stanbic IBTC will help to drive trade between Africa and China.

ICBC, the world’s biggest bank, holds 20 per cent stake in Standard Bank, while Standard Bank has 64 per cent in Stanbic IBTC. The relationship presents a huge leverage in Africa-China trade ties and has resulted in various initiatives across Africa, ranging from Renminbi trading, to Africa-China business centres, and landmark deals, which collectively constitute Standard Bank’s Africa-China trading corridor.

Sogunle stated that the Standard Bank Group, as an African institution, was committed to driving the growth of Africa by unlocking the abundant opportunities on the continent.

“When we say Africa is our home and that we drive her growth, it is our responsibility to extend ourselves beyond just banking: we must add value by providing exposure, information and our expertise to our clients to foster an environment that facilitates their growth and success,” he said.