JSE-listed Standard Bank and the Industrial and Commercial Bank of China (ICBC) will continue working together to facilitate trade and investment between the African continent and the world’s second-largest economy for another five years.

In a statement released on Thursday, South Africa’s largest lender by assets confirmed the signing of the agreement with major shareholder ICBC, which owns just under 20% of Standard Bank.

The announcement comes as the 15^th annual Brics Summit reaches final day in Sandton.

Standard Bank and ICBC, which have been locked in this marriage for 15 years, said there are still great opportunities to be unlocked in the growing China-Africa trade corridor, having already facilitated $600 million in trade flows in 2022.

Source: Moneyweb