SOUTH AFRICA OFFICES
Located in the two largest cities in Africa’s biggest economy, Johannesburg and Cape Town, the primary function of the South Africa Offices are to represent the Bank. This is accomplished in a variety of ways:
- promoting Mauritius as an international financial and business destination and AfrAsia Bank Limited as the banking brand of choice
- utilising established relationships with African corporates and banks to inform them on the lending, transactional banking and treasury services that the Bank offers in Mauritius
- developing networks with local and international introducers, and
informing Private Banking clients of the products and services offered in Mauritius.
The Representative Offices have been capitalising on 3 main trends:
- continued interest in expanding into new markets where there is growing consumer demand. Countries in SADC and COMESA are of particular interest. Being a member of both blocs and offering a network of double-taxation agreements, IPPAs and other advantages, Mauritius is an ideal platform to facilitate accessing these markets
- managers of listed and unlisted funds continue to be attracted to Mauritius as a base for their operations, and
- like corporates, there are individuals who similarly seek international diversification of their wealth and access to private banking products.
The Representative Offices’ local presence combines well with the Bank’s ranking, competitive and personalised service to enable AfrAsia Bank Limited to successfully compete for international banking in the South African market.
The team in SA
From left to right: Colin Grieve, Anne Ferreira, Guguethu Mlambo, Ravi Teji and Nthabiseng Magengenene
Since its inception, the strategy has been to retain the services of seasoned bankers who are well grounded in the local market and also have the ability to inform clients about international banking through Mauritius. This could vary between being able to discuss the use of global business companies to take advantage of double-taxation agreements to speaking to individuals about IRS schemes.
Tangible and intangible benefits accrue to positioning ourselves in one of Africa’s largest economies.
- being situated in the Continent’s banking and stock market hub provides access to high quality local and international corporates as well as fund managers
- increasing acceptance of AfrAsia Bank Limited as a regional Bank of substance is evidenced by profile of African companies and intermediaries choosing to do business with AfrAsia Bank Limited.
Each year the South African Representative Offices continue their contribution to the Bank in expanding its reach into African markets.
The London office was opened in March 2014 and is located in the Mayfair area. The decision to open a London office reflects the city’s importance as a nexus and conduit for much of the flow of capital, ideas and enterprise between Sub-Saharan Africa and the rest of the world. It was established with the following objectives:
- to offer a point of contact for AfrAsia Bank Limited’s clients and contacts who themselves are either based in, or are passing through, London
- to act as a base for building and expanding AfrAsia Bank Limited’s network across the city
The current London Representative is Garry Sharp, who has 33 years of experience in banking and private equity and who, in addition to living and working in London for most of that time, has worked extensively in a broad range of African countries since 1996.