Treasury Management Internation Logo

Standard Chartered successfully concludes acquisition of Absa’s Custody & Trustee Business

Published 

Staff and client accounts successfully migrated into Standard Chartered’s Securities Services division in South Africa 

Johannesburg, South Africa – Following Standard Chartered’s announcement to acquire Absa’s South African Custody & Trustee Business in April this year, the two banks have worked together to ensure a smooth transfer of clients and staff into Standard Chartered’s existing Securities Services division in South Africa.  On conclusion of this acquisition, Standard Chartered will have one of the largest securities and trustee businesses in South Africa – adding additional capacity to the Bank’s regional footprint of Securities Services, covering 14 other markets on the continent.

This transaction builds on the significant investment Standard Chartered continues to commit to its Africa strategy, which includes the initial acquisition of Barclays’ Africa Custody Business in 2010 and a further investment of USD100 million to expand the Bank’s regional branch network by 100 outlets over 3 years.  Earlier this year, the Bank’s Johannesburg Branch also extended its reach to South African-based companies by opening two more corporate offices in Cape Town and Durban.

Securities Services reiterates the Bank’s promise to be ‘Here for good’ by facilitating and managing valuable institutional investment into the region’s capital markets, from domestic and international investors.

Peter Sun, Standard Chartered’s Regional Head of Transaction Banking for Africa, commented, “This acquisition is in line with our objective to be a serious player when it comes to Securities Services – not only in South Africa, but across the continent.  We have the knowledge, the footprint and the skills to outpace the competition and facilitate valuable investment into Africa’s growing economies.

Ebenezer Essoka, CEO for South Africa and Area General Manager of Southern Africa added, “Africa is where the action is, and this is another building block in our strategic ambitions for the continent.  Following this transaction, our Johannesburg Branch will be home to more than 400 talented individuals – more than doubling our staff compliment over the last 4 years.”

The Bank’s Africa Securities and Trustee Services strategy has been ambitious, with this specialised business growing by 150% over the last 3 years.  Uganda is another market which has benefited from the Bank’s focused approach, following the recent launch of Trustee services. This regional growth compliments the Group’s international securities strategy, which covers 32 countries across Africa, Asia and the Middle East.

Most recent episodes

Trends in RFPs and RFIs: What Treasurers Want

Eleanor Hill (TMI) invites Dick Oskam and Bert Van Drie (ING) into the TreasuryCast hotseat to find out what trends treasurers want to see emerge from the Request for Proposal (RFP) and Request for Information (RFI)...

33:16

Creating a Connected Financial Office

When data flows are connected, it’s so much easier to make quick and accurate decisions. This is the principle behind the notion of the connected financial office. In this podcast, Gareth Priest (Bottomline Technologies) provides informed advice on how...

18:34

Journeys to Treasury: Managing Changing Perspectives

For this special edition of TreasuryCast, we showcase the results of the Journeys to Treasury 2021-22 report. Here, Jan Dirk van Beusekom (BNP Paribas) and Christian Mnich (SAP) offer Eleanor Hill (TMI) an informed view...

33:03

Cybersecurity for Treasurers

Cybercrime and fraud is on the rise and new attack vectors are emerging with alarming frequency. In this podcast, Nicolas Trimbour (BNP Paribas) and Laurent Sarrat (Sis ID) provide an overview of the latest tools and best practices treasurers should be employing...

37:53

A New Treasury Ecosystem: Open Banking, APIs, and BaaS

For this special edition of TreasuryCast, Eleanor Hill invites Peter Claus-Landi (GE) and Jared Smith (HSBC) to cover how key API-centric developments are changing the treasury landscape. With APIs significantly...

18:02

Using Data as the Corner for Finance Transformation

Many organisations face challenges in managing spend, payments, and cash effectively due to siloed processes and datasets across multiple departments. In this podcast, Ulrika Haug (Coupa) and Kim Estes (The Knot...

29:20

Realising Treasury’s True Value – A Strategy for Change

Join John Meehan (Froneri) to hear how Froneri utilised a year of no acquisitions and no meetings to implement a total transformation project through implementation of a TMS, unlocking the true value of his corporate...

49:14

Lessons from Innospec on Building a Strong Cash Culture

Without ready access to the key metrics of cash forecasting, Andrew Hawes (Innospec) knew the business could do little more than react to events. But without the collaboration of key stakeholders too, he knew that...

35:08

How to Make Your TMS the Ultimate Investment Tool

The right TMS can be a huge asset to treasury. But these one-stop shops often fall short when it comes to short term investment workflows. In this podcast, Ed Lopez, James Griffin (Calastone), Jeannot Jonas (Carrier...

01:24:00