The MasterBlog: SocGen sees Africa as route to China
Subscribe to The MasterBlog in a Reader Subscribe to The MasterBlog by Email

MasterBlogs Headlines

Monday, November 15, 2010

SocGen sees Africa as route to China

SocGen sees Africa as route to China

By Scheherazade Daneshkhu in Casablanca

Published: November 14 2010 20:59 | Last updated: November 14 2010 20:59

Africa is becoming a route to China for Société Générale as the French bank targets Chinese companies doing business in the mineral-rich continent as part of its African expansion strategy.

Bernardo Sanchez Incera, SocGen’s deputy chief executive in charge of international consumer banking, said the group’s expansion in China has been limited by local restrictions.

But it is able to access part of the explosive growth in Chinese commercial activity in Africa, particularly in the sub-Sahara, where Chinese companies are more present than in the north.

China has become Africa’s third most important trading partner over the past decade after the US and the European Union, as it invests in large infrastructure projects in return for imports of natural resources.

“Our presence in China is limited,” said Mr Sanchez Incera, referring to restrictions on foreign ownership of Chinese banks. “In Africa, Chinese companies need a local agent who knows the international rules of the game.”

SocGen has agreements with the Central Bank of China and Bank of China to provide advice and retail accounts, but not finance, to the Chinese banks’ corporate clients.

President Nicolas Sarkozy sees France’s historical position in Africa as a key advantage in strengthening the Franco-Chinese relationship. The subject was broached in talks with Chinese president Hu Jintao on his recent state visit to Paris. “There are 1m Chinese living on the African continent,” said a senior presidential adviser. “There is an opportunity for the French to create a partnership in the development of the continent.”

SocGen has a presence in 15 African countries, where it employs 13,000 people in 850 branches. Chinese interest is most marked in Senegal, Guinea, Ivory Coast and Ghana.

In north Africa, SocGen aims to double the number of clients and increase the number of branches by 60 per cent by 2015. / Companies / Banks - SocGen sees Africa as route to China

Comparte esta pagina|

No comments:

Post a Comment

Commented on The MasterBlog

Tags, Categories

news United States Venezuela Finance Money Latin America Oil Current Affairs Middle East Commodities Capitalism Chavez International Relations Israel Gold Economics NT Democracy China Politics Credit Hedge Funds Banks Europe Metals Asia Palestinians Miscellaneous Stocks Dollar Mining ForEx Corruption obama Iran UK Terrorism Africa Demographics UN Government Living Bailout Military Russia Debt Tech Islam Switzerland Philosophy Judaica Science Housing PDVSA Revolution USA War petroleo Scams articles Fed Education France Canada Security Travel central_banks OPEC Castro Nuclear freedom Colombia EU Energy Mining Stocks Diplomacy bonds India drugs Anti-Semitism Arabs populism Saudi Arabia Brazil Environment Irak Syria elections Art Cuba Food Goldman Sachs Afghanistan Anti-Israel Hamas Lebanon Silver Trade copper Egypt Hizbollah Madoff Ponzi Warren Buffett press Aviation BP Euro FARC Gaza Honduras Japan Music SEC Smuggling Turkey humor socialism trading Che Guevara Freddie Mac Geneve IMF Spain currencies violence wikileaks Agriculture Bolívar ETF Restaurants Satire communism computers derivatives Al-Qaida Bubble FT Greece Libya NY PIIGS Republicans Sarkozy Space Sports BRIC CITGO DRC Flotilla Germany Globovision Google Health Inflation Law Mexico Muslim Brotherhood Nazis Pensions Peru Uranium cnbc crime cyberattack fannieMae pakistan stratfor Apollo 11 Autos BBC Bernanke CIA Chile Climate change Congo Democrats EIA Haiti Holocaust IFTTT ISIS Jordan Labor M+A New York OAS Philanthropy Shell South Africa Tufts UN Watch Ukraine bitly carbon earthquake facebook racism twitter Atom BHP Beijing Business CERN CVG CapitalMarkets Congress Curaçao ECB EPA ETA Ecuador Entebbe Florida Gulf oil spill Harvard Hezbollah Human Rights ICC Kenya L'Oréal Large Hadron Collider MasterBlog Morocco Mugabe Nobel Panama Paulson RIO SWF Shiites Stats Sunnis Sweden TARP Tunisia UNHRC Uganda VC Water Yen apple berksire hathaway blogs bush elderly hft iPad journalism mavi marmara nationalization psycology sex spy taxes yuan ALCASA ANC Airbus Amazon Ariel Sharon Australia Batista Bettencourt Big Bang Big Mac Bill Gates Bin Laden Blackstone Blogger Boeing COMEX Capriles Charlie Hebdo Clinton Cocoa DSK Desalination Durban EADS Ecopetrol Elkann Entrepreneur FIAT FTSE Fannie Freddie Funds GE Hayek Helicopters Higgs Boson Hitler Huntsman Ice Cream Intel Izarra KKR Keynes Khodorskovsky Krugman LBO LSE Lex Mac Malawi Maps MasterCharts MasterFeeds MasterLiving MasterMetals MasterTech Microsoft Miliband Monarchy Moon Mossad NYSE Namibia Nestle OWS OccupyWallStreet Oman PPP Pemex Perry Philippines Post Office Private Equity Property Putin QE Rio de Janeiro Rwanda Sephardim Shimon Peres Stuxnet TMX Tennis UAV UNESCO VALE Volcker WTC WWII Wimbledon World Bank World Cup ZIRP Zapatero airlines babies citibank culture ethics foreclosures happiness history iPhone infrastructure internet jobs kissinger lahde laptops lawyers leadership lithium markets miami microfinance pharmaceuticals real estate religion startup stock exchanges strippers subprime taliban temasek ubs universities weddimg zerohedge

Subscribe via email

Enter your email address:

Delivered by FeedBurner