Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
Dalian - Standard Bank Group, Africa's biggest bank by assets, expects its profit in China to double next year, benefitting from the growing economic ties between Africa and the world's third biggest economy.
"We conservatively think we'll make $50m this year, we're on track to do that, and next year we'll make $100m," said Craig Bond, Standard Bank's China chief executive.
The African bank, in which Industrial and Commercial Bank of China holds 20% stake, is working with ICBC on 60 deals on the African continent, covering the mining, oil and gas and mineral sectors.
One in five of those deals is expected to close in the next 12 months, Bond told Reuters in an interview on the sidelines of the World Economic Forum in the northeastern Chinese port city of Dalian.
Standard Bank, which serves purely as a consulting firm in China, has seen a growing number of Chinese firms going to Africa since early this year.
"I think, definitely, the interest from China has improved and there is a very real desire to go look at real assets and do real deals in Africa," Bond said.
- Reuters