You cannot copy content of this page
Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish Export from Nigeria:Made Easy

Dried Crayfish is one of the foodstuffs currently being exported from Nigeria to countries in Europe, America and Asian More »

How to export Ginger from Nigeria and Make Huge Profit

How to export Ginger from Nigeria and Make Huge Profit

The demand for Ginger in the international market has gone up significantly because the root is now being used as raw material in manufacturing process. More »

Make Millions of Naira through Cashew Export from Nigeria.

Make Millions of Naira through Cashew Export from Nigeria.

The export of cashew nuts and other agricultural commodities from Nigeria is fast becoming very lucrative these days; More »

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits

Bitter kola export business in Nigeria, Invest N80, 000 & make100percent profits More »

Start A Profitable Groundnut Oil Production Business in Nigeria

Start A Profitable Groundnut Oil Production Business in Nigeria

The high demand for groundnut oil nationwide and the short fall in supply due to the ban on the importation of the product by the federal government of Nigeria has thus make Groundnut oil production business very lucrative. More »

 

South African top bank targets Nigerian Market

South African top bank targets Nigerian Market – South African lender Absa is aiming to make a start on its investment bank-focused expansion into Nigeria in the second half of this year, chief executive of the division, Charles Russon, told Reuters.

Absa, trying to make its name as a stand-alone bank after separating from Britain’s Barclays, has been touting Nigeria as a market central to its growth strategy since last year, but has given scant details on its plans.

Russon said the Nigerian expansion would be focused on Absa’s corporate and investment bank (CIB), and that he had requested his team develop a strategy within the coming months.

“I want the strategy nailed down and approved with our board pretty much at the end of Q2, so that we can start to action that in the second half,” he told Reuters in an interview.

He reiterated former CEO Maria Ramos’s view that the bank was unlikely to make acquisitions. But Absa would have to be clear on how to fund its activities without a retail deposit base, he said, adding that building from scratch can be slow.

Absa has a representative office and securities licence in Nigeria, but needs to up the ante in one of Africa’s most promising banking markets in order to meet its ambitions.

The bank, which has lagged competitors such as FirstRand or Standard Bank, wants to double its share of revenues on the African continent to 12 percent – a target the CIB is central to achieving.

As well as planning its own expansion in Nigeria and other markets, such as Angola and Egypt, Russon said the lender would look to offer some services in such countries in partnership with French investment bank Societe Generale.

Absa and SocGen agreed to cooperate on the continent last year, but a lack of details left some investors sceptical.

Russon said teams of staff from both banks were putting together proposals that Absa hoped to disclose by the end of the second quarter.

Absa is also setting up offices in London and New York, both with securities licences, to replace some of the global reach it lost with the Barclays divorce.

Both should be up and running by around the third quarter, Russon said, adding similar operations in other regions could follow.

“We’ll have to look at Asia, the sort of China corridor, probably beginning of next year,” he said.

Leave a Reply

Your email address will not be published. Required fields are marked *