Absa Group Aims To Expand Into The Global Market To Grow Its International Client Base
Absa Group Aims To Expand Into The Global Market To Grow Its International Client Base. Absa Group Ltd. is planning on expanding in the U.S., China, Europe and the Middle East, as the bank looks to grow its client base of companies investing in Africa.
South Africa’s third-largest lender has already gained a foothold internationally after separating from its former British parent Barclays Plc in 2018, although so far it has only a skeletal presence outside Africa, where it operates in 13 nations. “We need to operationalise in the US, understand the long-term strategy around the EU, and start delivering on what our stated ambition has been around China,” Cheryl Buss, the bank’s international chief executive officer told MoneyWeb in an interview.
According to News24, by early 2020, Absa secured two licenses to help establish its presence in the US but could do little as the disease outbreak forced its bankers to work remotely. It has also been unable to progress with plans for a representative office in China. Another area of focus is the Middle East, where Absa will consider setting up a coverage point to engage better with clients in the region, as well investors and commodity traders in markets like Japan, Singapore and India.
“We are seeing a lot of Chinese focus across the energy space, the mining space and also ICT and manufacturing,” Buss told MoneyWeb. “India is also of significant importance to us.”
Absa Group Limited (ABGL) (formerly Barclays Africa Group Limited), and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and investment banking, wealth and investment management, as well as bancassurance. ABGL is the majority shareholder of 11 banks located in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (two entities), Uganda and Zambia. The group maintains representative offices in Namibia and Nigeria. It also has an international office in London, which opened in September 2018. In 2019, Absa Group opened another international office in New York City.
