FirstRand, South Africa’s integrated financial services group and China Construction Bank Corporation (CCB), have jointly agreed to enter into strategic co-operation to capitalise the growth opportunities in the African continent. According to the agreement, CCB and FirstRand Bank will provide joint advisory and structuring services to CCB’s Chinese clients seeking to make investments into entities or transactions in Africa, South African and African-based corporate clients or projects (that may be of interest to Chinese clients of CCB and FirstRand Bank’s South African and African-based corporate clients looking to pursue opportunities in China).
FirstRand Bank will provide a dedicated team of professionals mainly from within RMB, FirstRand Bank’s investment banking division, with the necessary advisory and structuring skills. CCB will also allocate similar resources from its Beijing head office or its operating division in Johannesburg.
Chen Zuofu VP of CCB, said: The corporate and investment banking skills provided by FirstRand Bank will provide an enhanced offering to clients. In addition, both CCB, through its African division, CCB Johannesburg branch, and FirstRand Bank are well positioned to identify new investment opportunities throughout Africa.”
Sizwe Nxasana, CEO of FirstRand Bank, said: “CCB brings a formidable balance sheet to support RMB’s corporate finance, M&A and project finance teams which have successfully completed deals in over 39 countries throughout Africa. It will allow FirstRand Bank and CCB to participate in the large transactions and investment opportunities we expect to emerge in the continent. Signing this memorandum further cements an already successful working relationship.”
