Two of the fastest growing economies globally Kenya and China are making tremendous efforts to work together to ensure they are grow even faster and further. This was echoed by the opening of a Chinese department in one of the leading commercial banks in the East African country.
National Bank of Kenya conducted a management shakeup that saw the introduction of a Chinese department that is aimed at tapping the revenue from Chinese Businesses that have set up shop in Kenya.
The bank hired Sandra Hua Yao who will head the Chinese business development; she will bridge the language barrier encountered by the Chinese national who have in the past few years increased in numbers in the country.
The Chinese Business Development department is set to serve the Chinese nationals who have been trickling into the countries to start businesses and head the Chinese government funded projects.
The move by the bank is a clear indication of the booming business since the East African country looked East. The ‘look-east policy’ that the current Kenyan administration has employed has improved the economy of the country bolstering its GDP and improving standards of living of the citizenry.
“Business Banking, Islamic Banking, Micro Finance and the newly launched Chinese business segments have all registered strong growth in the year and we look forward to more business take on in 2015 in addition to the traditional businesses” said National Bank’s chief executive Ahmed Munir in the bank’s annual report – which has a small portion of Chinese translation.
Other commercial banks in the country have also adopted different ways to lure the Chinese by employing Chinese speaking relationship managers in an attempt to break the language barrier. The attempts being made by the banks to reach out to the Chinese in the country will see an additional resources injection into the economy.