Absa CIB Admin
Absa and Société Générale: Taking business to more of Africa than ever before
In January 2019, a Memorandum of Understanding was signed between Absa and Société Générale (SocGen). Since then, a detailed cooperation agreement has been established, covering Transactional Banking, including Trade Finance, Cash Management and Client Coverage.
The collaboration with SocGen creates a unique African proposition whose benefits include:
- A combined broad presence across 27 African countries.
- A single entry point for client referrals and queries,
- A simplified engagement through international expertise with local knowledge and proximity.
- An opportunity to support our clients' pan-African activity, with innovative digital capability across multiple sectors and geographies.
- Global expertise that enables us to drive connectivity across key client corridors of UK/Europe, US & China, into and within Africa.
The agreement is in line with Absa's growth strategy which aims to further develop its wholesale banking activities and extend its reach into key African trading corridors. It is also aligned with SocGen's growth ambition in Africa: to further strengthen its client coverage on the continent and foster its dynamic local growth strategy.
Ultimately, this innovative approach, driven by a shared ambition in Africa, has enabled both parties to better serve clients, both local and international, across the African continent.