Diamond Trust Bank (DTB) has unveiled the China Coverage Department to cater to Chinese enterprises operating within the East African Market. DTB’s new unit offers a wide range of products to cater to the needs of the market including direct RMB remittances from Kenyan Shilling, RMB-based trade products including guarantees, imports and exports and financing financial products.
DTB has partnered with Habib Bank Limited (HBL), which has presence in China along with an RMB Intermediation license and years of experience serving Chinese enterprises in several countries.
DTB Group CEO and Managing Director Nasim Devji said that the direct link with China will go a long way in deepening the Sino-African relations, which are on a growth trajectory.
She added: “We are proud to support the Chinese enterprises and nationals in East Africa both from a corporate and retail perspective. Our ties with HBL ensures that we can now be a one-stop solution for handling RMB remittances.”
According to DTB Kenya Chairman Linus Gitahi, the move is set to boost the country’s economic development by acting as a vehicle for investment, infrastructure development, and trade.
“China is one of Kenya’s biggest trading partners and we are proud to play our role in unlocking the growth opportunities between these two nations. We welcome all Chinese enterprises and nationals to visit our vast network of DTB branches across East Africa for a variety of banking solutions, including direct funds transfer to China and other International destinations,” he added.
DTB has a portfolio of Chinese enterprises among its clientele and this move will attract more Chinese clients and assist in attracting trade, investment along with deepening of corporate ties between the two countries.
HBL is one of DTB’s shareholders and the two banks share a common background through the Aga Khan Fund for Development. HBL is the largest bank in Pakistan, with China as its second home market, and has a footprint in over 14 countries across two continents