SocGen and Absa mull CIB tie-up
Partnership could replace broken Barclays links; follows rumours of sale of Société Générale South Africa custody unit to Absa.
Absa chief executive Maria Ramos
Société Générale and Absa, formerly Barclays Africa, are discussing setting up a corporate and investment banking (CIB) partnership in Africa, Euromoney understands.
The idea for a new wholesale banking partnership comes as Absa seeks to regain the global links it lost when Barclays sold its stake in the Johannesburg-based group.
It launched its UK office on Thursday, with plans to open a New York office next year.
SocGen, for its part, is seeking to boost coverage beyond its traditional Francophone markets, including in the 16 mainly Anglophone countries in which Absa owns banks formerly part of Barclays.
Absa has previously broached the possibility that it could set up such a partnership, based on pooling clients, with Barclays.
“We have, as part of the transition, ongoing arrangements and a relationship with [Barclays] PLC,” Absa chief executive Maria Ramos told Euromoney last year. “I imagine beyond this transition that Barclays is still going to need a partner on the continent and we will need an international partner.”
Now Absa is working more closely with SocGen.