Absa Group, one of Africa’s largest diversified financial services companies, aims to build stronger ties with Chinese firms as part of its global expansion strategy, amid growing investment and trade between China and Africa.

The Johannesburg, South Africa-based bank will focus on strengthening relations with state-owned entities, private companies, banks and development finance organisations via its subsidiary, which officially launched in Beijing in early May, according to Klaus-Dieter Kaempfer, CEO of Absa China.

“Absa’s strategy in China is to use our office to connect better with the head offices of Chinese corporates who do business in Africa,” he said.

With a healthy client base already in place, Absa will make its presence known and develop much closer relationships with prospective clients on the mainland, he added.

Absa’s Beijing office operates under a wholly foreign-owned enterprise licence, which allows it to provide general advisory services and research to clients based in China for transactions across Africa.

“To be clear, we are not conducting business in China, and we’re not doing domestic business,” said Kaempfer. “What we’re doing is developing relationships, advising on the capability that Absa Group has across its footprint in Africa, and our business actually gets executed there.”

The plan to open a China office was revealed by Zhu Kai, principal and head of China Corridor at Absa Corporate and Investment Bank, in May last year. The opening of the office was originally planned at the end of 2023, but the licence was only obtained in December, following which a team was hired, delaying the launch to last month.

China’s total trade with Africa increased 1.5 per cent year on year in 2023 to US$282.1 billion, while the continent’s trade deficit with the world’s second-largest economy expanded 36.4 per cent to US$65 billion, according to Chinese customs data published in February.

China’s total investments in Africa hit nearly US$11 billion in 2023, its highest since at least 2005, according to data from Washington-based think tank American Enterprise Institute.

“I think what makes Absa an attractive banking and financial services partner is the quality and the depth of our network – our core operations are in Africa, and we’ve been there for more than 100 years,” said Kaempfer.

The bank has a strong presence across a number of sectors, he added.

“We’re the leading provider of renewable-energy finance across the continent, and we have very competent teams in mining, minerals, trade finance and debt.”

Knowing how to budget and save money are important skills, but not everyone is taught how to do so. Only 25 states require high schoolers to take a personal finance class, and schools with predominantly Black and brown students are less likely to offer those courses. Laura Barrón-López reports on how younger generations are working to improve their financial literacy and help close the wealth gap.

Deacon “Pete” Weston Nellius, 88, passed away Sunday, May 26, 2024.  

He was born in Philadelphia and a product of Ridley High School, he enlisted in the U.S. Air Force, where he met and married Ann Nellius (nee Williams). After his service, they settled in Camden, Ark., to be near family. Growing restless with his career prospects, he gave up the security of a factory job, moving his wife and three small children to go to college in Huntsville, Texas. Working two jobs as a head resident of a men’s dormitory and nights as a prison guard, he managed a full-time course load and matriculated with a bachelor’s degree in accounting and a master’s degree with honors. He earned a fellowship at Southern Illinois University, where he completed his PhD coursework in economics. 

This academic foundation led to a career in state government, beginning as a budget analyst and progressing to deputy director of the Illinois Department of Transportation. The State of Illinois sponsored his attendance at Harvard Advanced Management Program, where he studied with global leaders in the commercial and government sectors and first met Pete du Pont. He later was recruited by the newly elected Governor du Pont to become secretary of finance for the State of Delaware. The administration partnered with the state legislature to transform the Delaware economy, passing the Financial Center Development Act to make Delaware a major banking hub, and adding a Balanced Budget Amendment to the state constitution to ensure the long-term fiscal health of the state. After leaving state employment, Pete continued to serve on numerous councils and commissions for governors Mike Castle, Tom Carper, Ruth Ann Minner, John Carney, and Jack Markell. 

Pete subsequently moved to the private sector to join Burris Foods in Milford as its chief financial officer, and then chief operating officer. He closed his career by founding a lobbying and financial consultancy, Nellius Management Associates. 

His separation from the public sector coincided with an increasing focus on his spirituality and the parish community. He was ordained by Bishop Saltarelli of the Diocese of Wilmington in 2001, serving first as a deacon for Holy Cross Parish in Dover, then St. Edmond in Rehoboth. 

Pete is survived by his three children, Peter Nellius (Lisa), Dan Nellius (Jenny) and Becky Gravatt (Kevin); and his niece, Kelly Nellius. He is also survived by eight grandchildren, Julie Dolbey (Chris), Jeffrey and Joseph Gravatt, Michael, Matthew and Caroline Nellius, and Peter (Alyson) and Natalie Nellius. He is also survived by three loving great-grandchildren, Kennedy and Christian Dolbey, and Kit Nellius.

Pete was a private pilot who loved flying. He constantly looked for ways to share God’s love in ways big and small, and had a smile for everyone he met.

A Mass of Christian Burial will be held at 1 p.m., Thursday, June 6, at Holy Cross Church, 631 South State St., Dover, with a viewing from 11 a.m. to 12:30 p.m.

In lieu of flowers, the family suggests those who wish to express their love consider donations to Metavivor, metavivor.org, for breast cancer research in honor of Ann and Kathy Nellius, whom he dearly loved and who were taken too early by this tragic disease.

Letters of condolences can be sent via pippinfuneralhome.com.