Absa receives Fed go-ahead to set up New York representative office

Following its separation from Barclays, Absa has received permission from the US Federal Reserve board to establish a representative office in New York.

The bank is still awaiting approvals and licenses from New York State’s Department of Financial Services before the office can start work.  The Fed granted Absa leave to establish the representative office on October 1.

In a statement to Fin24, Absa said establishing the representative office grants it an independent presence in the US and permits it to directly market its banking services and products to corporate and investment banking clients that have a presence in Africa or are seeking to expand into the continent.