The Absa Capital HQ. Picture: SUPPLIED
The Absa Capital HQ. Picture: SUPPLIED

Banking group Absa said on Monday it had received approval from US regulators to open an office in New York, which will allow it to be closer to institutional and corporate clients investing in Africa.

The approval by regulators follows that of Absa’s office in London, which was opened in September 2018.

The office was a significant milestone which would enable the group to be a globally scalable business, and allow for more connection with global clients following the bank's separation from Barclay's said CEO of Absa corporate and investment banking Charles Russon.

"Through this office, we will be able to directly market our banking services and products to corporate and institutional clients at their HQ decision making locations,” Russon said.

The group expects the office to be operational and performing regulatory activities by the end of 2019.

gernetzkyk@businesslive.co.za