How RMB’s US Presence Aims To Facilitate Investment Flows Into Africa
How RMB’s US Presence Aims To Facilitate Investment Flows Into Africa. Rand Merchant Bank (RMB) officially launched its New York based representative office on 18 May at a function held at the South African Consulate General in New York. The keynote speaker at the event was South Africa’s Deputy Minister of Finance Dr David Masondo.
RMB’s parent, FirstRand Bank, received all necessary approvals from the United States Federal Reserve Board and New York State Department of Financial Services on 1 February 2023 and has been operational since. RMB CEO Emrie Brown said that foreign investors are increasingly turning to Africa, with its vast natural resources, extensive markets, young population, and excellent technological prospects. The African Continental Free Trade Area agreement will also ease access into Africa, stimulate intra-regional trade and boost growth.
Brown said: “The new office will link investors in the United States with Africa’s extensive business opportunities. As an established, leading African corporate and investment bank with offices across the African continent, we understand the challenges and regulatory environments for business success in Africa. We are particularity well-placed to drive investment into the continent thanks to the advisory expertise we have developed since RMB’s establishment in 1984.” Brown added that the bank will work with US-headquartered multinational corporations with African subsidiaries, non-governmental corporations, investors, as well as US corporates with no African presence that intend to engage in business or establish themselves in Africa.
Managing Director of the RMB Representative Office, Mark Chiaviello, said that the office will enable RMB to spend more time with key corporate and institutional decision-makers and facilitate assistance to and communication with US corporates looking to expand into Africa. Chiaviello said: “RMB will act as trusted adviser for our existing and future US clients so that they can take advantage of our innovative product offerings within the environment in which they wish to operate. As a division of FirstRand Bank, we can offer investors longer tenors due to our large capital base, access to deep expertise on the continent, an impeccable compliance record and due diligence skills and processes that are firmly in place.”
