Liu Yagan, chief representative of Industrial and Commercial Bank of China(ICBC) Africa, has said African banks have better reward prospects than European and US banks.

China Daily quoted the bank chief as saying: “The growth space in Europe is limited but that in Africa is huge so it is a good market to be in.

“The European banking industry is very mature and the African banking industry is growing very fast and in a growing market you can find more opportunities.”

In 2011, ICBC which had acquired 20 percent a stake in Standard Bank for $5.5 billion, officially opened its first representative office in Africa.

The move is aimed at deepening ties between China and Africa, and the understanding of the African markets, as well as facilitating economic development and trade between both parties.

According to report, ICBC CEO Qiu Zhikun, disclosed the bank prefers to work alongside African banks but could also consider acquiring banks.

South Africa’s Old Mutual’s 55 percent holding in Nedbank, one of Africa’s largest banking groups, has been tipped as possible acquisition interests to the Chinese bank by analysts.