MEDIA & NEWS | 11 NOVEMBER 2019

Absa extends international expertise and connectivity

Absa-CIB-Author

Absa CIB Admin

SHARE

Absa receives US regulatory approvals to open representative office in New York.

Absa Bank Limited has received regulatory approval from both the United States Federal Reserve Board and New York State Department of Financial Services (NYSDFS), the New York State regulator, to open a representative office in New York.

The office is expected to be operational by the end of the year.

Charles Russon, Chief Executive of Absa Corporate and Investment Banking (CIB), notes that the opening of the Absa Bank Limited representative office is critical to the CIB strategy to be closer to its corporate and institutional clients who invest in Africa.

“This is a significant milestone in our growth strategy. Our representative office in New York will enable us to be a globally scalable business by bolstering relationships and driving more connectivity with our global clients through Absa Bank’s independent presence in the US following our separation from Barclays,” Russon says.

Absa’s goal is to become a leading Pan-African franchise

James Gregory, Chief Representative for Absa Bank Limited New York, adds: “Through this office, we will be able to directly market our banking services and products to corporate and institutional clients at their HQ decision-making locations. We are particularly pleased, as this is progress in our journey to become a leading pan-African CIB franchise with strong international expertise and connectivity.”

Absa has already opened a representative office in London, and will explore other locations for representative offices where the client franchise determines a need.

“Absa wants to be a key enabler of Africa’s success through these representative offices and through this and other initiatives such as the strategic MOU we announced early this year with Société Generale, we are able to support our clients’ ambitions.” Russon says.

This article was originally published here

Absa-CIB-Author
Absa CIB Admin

Related Articles

MINING INSIGHTS

Absa Insights Series: Resource firms and funders are increasingly transparent about carbon emissions

The Paris Agreement forces companies and lenders to be responsible and to consider the climate in their operations.

MINING INSIGHTS

Absa Insights Series: It’s slowly but surely getting less risky to fund mining in Africa

Many countries on the Continent are increasingly providing investors with the stability and regulatory certainty they seek.

Natural Resources Insights

Achieving high yields in a low yield environment

Africa remains an attractive market for international capital for oil projects and investments.

Agriculture Insights

Absa extends plans to grow its lending book in African markets

Agricultural markets across the continent present opportunities for growth.