Absa plans China office in Asia investment banking expansion
PHOTO: Supplied by Absa Group.
JOHANNESBURG – Absa Group Ltd.’s corporate and investment banking unit plans to open an office in China as part of an expansion that will also target other parts of Asia and the Middle East.
“Next year, we will be seeking strategic approval from our board for an on-the-ground presence in China,” Charles Russon, the division’s chief executive officer, said in an interview in Johannesburg. “My hunch is it will be Beijing. It’s actually one of the questions we’ve asked the strategic team to figure out.”
South Africa’s third-largest bank has seen business involving the world’s second-biggest economy and its operations across 13 markets on the continent more than double this year, albeit from a small base, he said. The Johannesburg-based lender is aiming for multinational firms, such as Huawei Technologies Co Ltd., as part of an effort to boost revenue from the region by more than 10% as economic growth at home stutters.
Source: iol.co.za
