Absa to challenge Investec and Nedbank on aviation finance
The bank is encroaching on territory dominated by local competitors Investec and FirstRand, and international banks Standard Chartered and BNP Paribas
Absa has poached a team of bankers from rival Nedbank to begin financing aircraft deals in Africa. Late in 2018, SA's third-largest bank hired Morne Visagie, who spent 13 years at Nedbank, to head its structured finance and aircraft funding businesses, said David Renwick, head of global finance and trade at Absa’s corporate and investment bank. He brought three other members of his team with him. “They’ve got a mandate and they’re quite active,” he said. “We’ve got a couple of live transactions at the moment.” The lender is encroaching on territory dominated by local competitors Investec and FirstRand, and international banks such as Standard Chartered Plc and BNP Paribas. After breaking loose from its former British parent, Barclays Plc, Absa is chasing extra sources of revenue from the rest of Africa as it seeks to grow faster than its local competitors until 2021. Nedbank, which also funds airlines in the Middle East, said it would not stand still and remained active in the segme...
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