South African lender Absa Bank is set to launch a new representative office in New York to support its growth.
The move was approved by the New York State Department of Financial Services (DFS).
The new office, to be located in Manhattan, will carry out a variety of activities including marketing of its banking services.
It will also procure credit information, carry out certain administrative office functions as well as refer new and existing clients to its African affiliates for business purposes.
Additionally, it will serve as a link between its US customers and Absa Bank and affiliates.
Absa Corporate and Investment Banking CEO Charles Russon said: “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 US.
“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, earlier known as Barclays Africa Group, offers retail, business, corporate, investment and wealth banking services.
It has operations in 12 countries across the African continent and nearly 42,000 employees.