Absa is moving beyond its South Africa core market and launching tailor-made products aimed at ultra-HNWIs as part of a new Africa-focused strategy.
The move is part of the recently rebranded bank’s efforts to distance itself from Barclays Africa, its former parent company. The company has a full product offering in Kenya and is working to establish similar offerings in Mauritius, Ghana and Botswana. It is reported to be planning offices in Nigeria, Africa’s largest economy.
The company has partnered with French banking group Société Générale’s Securities Services as a platform provider. The online platform provides real-time access to dollar, euro and sterling-based investment portfolios.
Winston Monale, managing executive for wealth and investment management, explained: “They are better priced for the customer and part of that is because of the better credit rating that Société Générale has in relation to Barclays. In terms of the structured product notes, we think that because of the credit expertise that Société Générale brings to the table, [these will] achieve better outcomes for the customer.
“The platform that Société Générale has built is extremely strong and it gives us great efficiency from an administration reporting perspective.”
Kenya, Ghana and Mauritius have all seen substantial growth in HNWIs in recent years.