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Stanbic IBTC Bank Plc, a member of the Standard Bank Group, has launched an Africa-China Banking Centre (ACBC) to provide financial services to Chinese businesses operating in Nigeria and Nigerian businesses operating in China.

The centre, commissioned on Tuesday in Lagos, was launched by the Industrial and Commercial Bank of China (ICBC) – Africa CEO, Lubin Wang; the Commercial Consul of Chinese Embassy in Lagos, Liu Junsheng; and top management executives of Stanbic IBTC Bank.

According to Stanbic IBTC Bank, ACBC is a virtual finance hub staffed by bankers with Chinese language and cultural capabilities to offer seamless consultation and advisory services via telephone, online or email platforms to Nigerian and Chinese banking and investment clients.

“As an African bank with global reach, Stanbic IBTC is uniquely placed to unlock African opportunities by accessing Chinese capabilities,” said Demola Sogunle, CEO of Stanbic IBTC Bank. “This is the beginning for us to produce more specialised financial products and services for our Chinese clients and it is our aim to be the go-to Bank for Chinese businesses in Nigeria and Nigerian businesses trading with China.”

Earlier this year, the Central Bank of Nigeria and the People’s Bank of China signed a bilateral currency swap agreement worth about $2.5 billion. And Stanbic IBTC Bank was selected as one of the settlement banks.

The ACBC will further improve the ease of doing business between Nigeria and China and deepen Stanbic IBTC’s connection with the Chinese business community.