Rand Merchant Bank (RMB) said on Monday that it had opened a representative office in New York, to facilitate greater US business flows into Africa.
RMB’s parent, FirstRand Bank, had received all the necessary approvals from the US Federal Reserve Board and New York State Department of Financial Services.
RMB CEO Emrie Brown said foreign investors were increasingly turning to Africa, with its vast natural resources, extensive markets, young population and excellent technological prospects. The African Continental Free Trade Area agreement would also ease access into Africa, stimulate intra-regional trade and boost growth.
Brown said: “The new office will link investors in the US with Africa’s extensive business opportunities. As an established, on-the-ground corporate and investment bank with offices across the African continent, we understand the challenges and regulatory environments for business success in Africa. We are particularity well-placed to drive investment into the continent, thanks to the advisory expertise we have developed since RMB’s establishment in 1984.”
Brown said the bank would work with US-headquartered multinational corporations with African subsidiaries, non-governmental corporations, as well as US corporates that have no African presence but intend to engage in business or establish themselves in Africa.
Albert Maartens, who heads the US operations, said the new office would enable RMB to spend more time with key corporate and institutional decision-makers and facilitate assistance to and communication with US corporates looking to expand into Africa.
RMB’s product and services offering will include the full spectrum of corporate and investment banking products such as M& advisory, lending, equity and debt capital markets, custody, foreign exchange (FX), derivative hedging instruments and cash management.
These will be offered across multiple sectors and industries in sub-Saharan Africa, such as mining and minerals, logistics, consumer goods, fintech, health care, energy and infrastructure.
BUSINESS REPORT