The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Absa sets sights on New York for Africa CIB drive

The bank will open a new office in New York to capture the US market in Africa.


Absa’s new CIB representative office in New York will be open before the end of the year, according to James Gregory, chief representative for the bank in New York.

This follows the opening of its London representative office in September 2018, and is part of the South Africa bank’s push to capture new relationships with international investors and multinational companies (MNCs) looking to invest in Africa.

“Regulatory approval at the federal and state level in the US has now been received and we already have the premises, staff and legal and controls frameworks finalized, so we believe that we will be up and running in quick order,” says Gregory.

“America MNCs continue to be interested in the huge growth opportunity in Africa. We can support them through these opportunities.”

Africa is undergoing a demographic transformation. Its population is projected to nearly double in size by 2050 and could quadruple by the end of the century to four billion.

Meanwhile, the financial strength of the middle classes in Africa continues to grow.

According to the Brookings Institution, consumer spending in Africa hit $1.4 trillion in 2015 and will continue to rise to $2.1

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree