In offshore wealth management offering, Absa sets the stage to prop up revenue
Absa Bank Kenya PLC has launched an Offshore Proposition expanding its suite of private wealth management products.
The Bank is targeting individual clients seeking capabilities to manage their financial commitments across multiple countries and regions.
The proposition is in response to the growing pool of High-Net-Worth individuals in Kenya that are actively diversifying their investment portfolio beyond local markets.
Absa Bank’s Interim CEO Yusuf Omari said the Pan-African lender is actively expanding its product portfolio towards becoming a holistic financial services group in line with customers’ evolving financial needs.
“We have grown to offer over 16 unique business propositions which emphasize our focus on diversifying our revenue streams. For instance, our Ban-assurance line is now doing over Kes1 billion in revenue. We have also introduced new products including wealth management,” said Mr Omari.
“As Absa, we are inspired by the people we serve and are always committed to finding tailored solutions to the unique needs,” he explained.
He added: “Nairobi is a leading regional financial services hub with an increasing demand for offshore hard currency investments. As a fully-fledged financial services group, we are leveraging our global footprint, market intelligence and expertise to set up a well-structured offshore investment infrastructure that not only meets regulatory standards across different markets but also resonates with the needs of clients looking to invest their capital with minimal risk and assured returns.”
The Absa Offshore Investments proposition will be managed via Absa Asset Management Limited (AAML), a fully-fledged subsidiary of Absa Bank, after receiving the green light from the Capital Markets Authority (CMA) to set up locally.
Simon Gachahi, the Absa Bank Kenya Head of Premier and Liabilities, reassured potential investors of a data and insight-driven investment process guided by investment advisors with credible wealth management experience.
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“We have a team of market experts who shall proactively provide flexible market opportunities for clients to invest in. Furthermore, we see numerous opportunities for growing this business unit in Kenya given the strategic interventions made to build Nairobi as the financial centre of choice in the continent,” Mr Gachahi said.
Research by Knight Frank Kenya indicates that the number of High Net Worth Individuals in Kenya is set to increase by 27 percent in the next five years, presenting a significant opportunity for financial institutions to provide private wealth management solutions.
Present during the launch was the Capital Markets Authority’s (CMA) Risk Analysis Head, Dr Peter Onyango.
