Absa Bank Limited says it has received regulatory approval from both the United States Federal Reserve Board and New York State Department of Financial Services, 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 has already 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 through Absa Bank’s independent presence in the US following our separation from Barclays,” Russon said.
“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,” said James Gregory, chief representative for Absa Bank Limited New York.