FINANCIAL SOLUTIONS | 18 JANUARY 2019

Landmark agreement creates a pan-African banking offering

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Absa CIB Admin

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Together, Absa and Société Generale will roll out a client offering across Africa.

An agreement between Société Generale and Absa Group Limited to expand their activities across the African continent will leverage the key strengths and geographical territories of both partners.

The agreement is in line with Société Generale’s growth ambition in Africa. Being connected closely with a local banking partner allows the Bank to further strengthen its client coverage on the continent and foster its dynamic local growth strategy.

This is also aligned with Absa’s growth strategy, which aims to further develop its wholesale banking activities and extend its geographical reach into key African trading corridors.

Raising the bar on exceptional customer service

The combined offering results from an innovative approach driven by Société Generale and Absa’s shared ambition in Africa: to better serve clients, both local and international, in their banking needs across the continent.

The agreement includes a combined offering dedicated to Chinese companies operating in Africa. Société Generale has established China business desks at 11 of its local subsidiaries to service Chinese clients in Africa.

As part of Absa’s international and China strategy, the Group will be rolling out China service desks in key African countries to complement its desk in South Africa.

These desks will allow Absa to extend its strong local offering to Chinese multinational corporates. Through the new cooperation agreement, Absa will be able to leverage on Société Generale’s strong presence in China.

“Large African companies and multinational groups present in Africa have increasingly sophisticated banking needs and require expertise that was mostly delivered in more mature economies.

“On the other hand, there are more and more regional champions on the continent for whom national markets have become too narrow. Joining our forces through this agreement makes perfect sense to accompany the economic development of the continent,” comments Frédéric Oudéa, Chief Executive Officer of Société Generale.

“The agreement we have entered into should go a long way to enable our clients to do business in Africa regardless of where they want to do business.

This is yet another example of how Absa is delivering against our growth strategy through both partnerships and acquisitions where relevant and appropriate,” says Maria Ramos, Absa Group Chief Executive Officer.

Absa-CIB-Author
Absa CIB Admin