Since the lender’s separation from Barclays, Absa has been trying to make its name as a stand-alone bank focusing on Nigeria as a market central to its growth strategy since last year.
Thursday 11, April 2019 BY KUDAKWASHE MUZORIWA
South African’s Absa is considering to start on its investment bank-focused expansion into Nigeria in the second half of this year.
Charles Russon, the Chief Executive of Corporate and Investment Bank, said that the Nigerian expansion would be focused on Absa’s corporate and investment bank and that he had requested his team develop a strategy within the coming months.
The lender has a representative office and securities licence in Nigeria but needs to up the stake in one of Africa’s most promising banking markets in order to meet its ambitions.
Additionally, in line with its expansion plan into Nigeria and other markets, such as Angola and Egypt, Absa is considering to offer some services in such countries in collaboration with French investment bank Societe Generale.
The lender is also setting up offices in London and New York, both with securities licences, to replace some of the global reaches it lost when it separated with Barclays, reported Reuters.