South Africa's biggest financial services group yesterday announced a “strategic co-operation” agreement with China's second-largest bank, a move that underlines the growing interest of the country's corporate sector in Asia, Africa and other emerging markets.
FirstRand, which last month announced a new business focus on Asian markets, believes that the agreement with China Construction Bank will allow it to compete more effectively for business in Africa.
“It will allow FirstRand and CCB to participate in the large transactions and investment opportunities we expect to emerge in the continent,” said Sizwe Nxasana, the incoming chief executive who last month became the first black South African to head one of the country's top four banks.
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