South African (SA) commercial bank Absa is looking to deepen its presence across Africa as the banking group moves to diversify its income and reduce its reliance on a handful of key markets.
The lender is considering a return to Angola and exploring a merchant banking licence in Nigeria.
Absa is looking to establish a representative office in Angola, nearly two decades after exiting the market, while also weighing a merchant banking licence in Nigeria.
Chief Executive Officer, Kenny Fihla says the expansion is part of a strategy to diversify the group’s income and reduce concentration risk.
Absa says a presence in Angola could unlock trade and corporate investment opportunities, while a Nigerian merchant banking licence would open the door to capital, advisory and trade finance services”.
–ChannelAfrica/InnocentSemosa–
