November 22, 2018 / 3:50 PM / 23 days ago

Absa planting seeds in London

LONDON, Nov 22 (IFR) - Absa is looking to expand its capital markets operations in London. The South African bank wants to appoint origination and syndication bankers to cover the debt capital markets from the UK.

The bank, which was formed in 2013 through combining Absa Group and Barclays’ African operations, launched Absa Securities UK in September. The UK branch is intended to act as the gateway for UK and European businesses to access Africa.

“We hope to have a bond originator and a bond syndication banker in place in the first quarter of 2019,” said CJ Giddy, CEO of Absa Securities UK.

“It’s a phenomenal time to be hiring given downsizing elsewhere. It’s a compelling opportunity for people who enjoy the excitement of emerging markets.”

By the end of 2017, Barclays had reduced its shareholding in Absa to 14.9% from 62.3%.

The bank is active in its South African base, being one of the top three bookrunners in rand DCM issues. It is also looking to do more hard currency deals for issuers in other African countries.

Absa is also expanding its fixed income and equities markets team in London as well as its primary side. (Reporting by Robert Hogg)

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