November 8, 2019
DFS AUTHORIZES ABSA BANK TO ESTABLISH NEW YORK REPRESENTATIVE OFFICE
Third Largest Bank in South Africa Establishes New Manhattan Office
New York - Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved an application by Absa Bank Limited, headquartered in Johannesburg, South Africa, to open a new representative office in Manhattan, New York. Absa Bank has an extensive client base in 10 African countries, including Nigeria and Namibia.
“The Department of Financial Services welcomes Absa Bank to New York,” said Superintendent Lacewell. “Their new representative office is an important addition to New York’s existing financial marketplace and reaffirms the state’s status as the global financial capital of the world.”
The approved representative office will perform the following activities: marketing new business for African banking products and services provided by Absa Bank; referring new and existing clients to its African affiliates for purposes of doing business with those affiliates; acting as a liaison between U.S. customers and Absa Bank and its affiliates; performing certain administrative office functions; and assembling credit information.
“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 clients through Absa Bank’s independent presence in the U.S.,” said Chief Executive of Absa Corporate and Investment Banking (CIB) Charles Russon. “Through this office, we will be able to directly market our banking products and services 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 Bank is the third largest bank by asset size in South Africa. It provides an array of diverse financial products – retail, business, corporate banking, investment banking, and wealth management services. Absa Bank has a network of more than 1,000 outlets, including branches and sales centers, nearly 10,000 ATMs, and more than 40,000 employees.