Diamond Trust Bank #ticker:DTK (DTB) has launched a China Coverage Department in a move to bank Chinese enterprises operating in the East African market.
DTB announced in a statement on Tuesday that it will partner with Habib Bank Limited (HBL) which has a presence in China to serve Chinese business in the region.
HBL is the largest bank in Pakistan, with China as its second home market, and has operations 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.
DTB announced a new range of products including direct RMB remittances from Kenyan Shilling, RMB-based trade products including guarantees, imports and exports and financing financial products.
“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,” DTB Kenya Chairman Linus Gitahi said in a statement.
DTB chief executive said that the direct link will deepen the Sino-African trade which is on a growth trajectory.
“We are proud to support the Chinese enterprises and nationals in East Africa both from a corporate and retail perspective. Our ties with HBL ensure that we can now be a one-stop solution for handling RMB remittances,” she said.