ABSA On Track To Open New York Office By Year’s End

Riyaz Patel

SA Banking giant Absa says it has received regulatory approval from both the United States Federal Reserve Board and 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.

Absa opened a London representative office in September 2018, and said it it will explore other locations for representative offices where the client franchise determines a need.

Charles Russon, chief executive of Absa Corporate and Investment Banking (CIB), said 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