DTB launches China Coverage Department to serve Chinese Enterprises in East Africa
Nairobi, November 10, 2021: Diamond Trust Bank (DTB) has today launched the China Coverage Department to cater to Chinese enterprises operating within the East African Market.
DTB has introduced 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 will achieve this milestone with the assistance of 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.
The announcement was made at a dinner hosted by DTB in honour of its Chinese customers in Kenya.
Speaking at the event, DTB Kenya Chairman Linus Gitahi acknowledged 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 Group CEO and Managing Director Nasim Devji noted 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.”.
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 Economic 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.
It was the first Pakistani bank and one of the three banks from South Asia and MENA region to open branches in China. HBL and DTB are uniquely positioned as a key regional banks to large Chinese entities under the Belt and Road Initiative in East African Market.