Absa Group Ltd.'s corporate and investment banking business is looking to set up shop in China, an executive from the South African lender told Bloomberg News.

Charles Russon, CEO of Absa's corporate and investment banking business, said the lender will seek approval to establish a physical presence in China in 2020, probably in Beijing. The move comes as the unit seeks to diversify its portfolio.

The lender also intends to strengthen its footing in African markets such as Nigeria and is close to making "firm decisions" on the matter, Russon said.