Move will open opportunities of growing African market to UK and European investors
Today, Absa, one Africa’s largest diversified financial services group, launches their UK office. Officially trading as Absa Securities UK, the move supports the group’s ambition to bring the world to Africa as the preferred corporate & investment banking partner between UK and European investors looking to do business in the continent’s growing economies.
The launch also represents a key milestone in Absa’s journey to becoming a true, standalone universal African bank following its official separation from Barclays on 30 June. Formerly Barclays Group Africa, the newly independent Absa draws on a 100-year heritage, with offices in 12 countries and has recently announced plans to expand their international presence throughout the major trading corridors into Africa which include North America and Asia.
Opening in the UK is a key pillar of that strategy, and comes at an opportune time as UK and European investors and businesses look to an increasingly stable and prosperous Africa for opportunity in a post-Brexit environment.
Absa’s goal is to help UK businesses expand into, and successfully do, business in Africa. To successfully navigate relatively unfamiliar territory requires a partner with a long-history and established operations across the continent. That partner is Absa.
Absa brings a thorough understanding of investment flows, market participants, sector trends and regulations everywhere it operates. Headed by CJ Giddy, the UK office will give access to that expertise along with services including: liquidity management, cash management, trade & working capital, risk management, card issuing and acquiring and investment banking.
Absa Group CEO, Maria Ramos said: “We have an ambitious growth strategy at the centre of which is the growth of our clients. Having made the strategic commitment to grow in Africa we are also focused on investing in the infrastructure and capacity we need to help our global clients maximize their own growth potential in Africa. Our UK office is an important component of our growth intentions and we are delighted to introduce it to our clients at this time.”
In July, Barclays Africa Group Limited officially started trading under its new name, Absa Group Limited on the Johannesburg Stock Exchange. Absa already has a number of key corporate and investment banking clients relationships across Europe, North America, and Asia. In Africa Absa offers personal and business banking, corporate and investment banking, wealth management, investment management and insurance services.