HSBC opens branch in SA
5 April 2004
HSBC has opened its first sub-Saharan African branch, serving corporate and commercial banking customers, in Johannesburg.
The banking group was recently awarded a licence in South Africa. The new HSBC Bank branch serves large multi-national organisations doing business in Africa, as well as domestic corporate and commercial banking clients.
Services offered include corporate lending and deposit facilities, treasury and capital markets, and trade services. This is in addition to the investment banking, equities, research and wealth management services already offered by the Group in South Africa.
HSBC's new branch, officially opened by Reserve Bank Governor Tito Mboweni on Friday, began serving customers in November 2003, and has 130 employees.
Speaking at the launch event, HSBC Holdings group chief executive Stephen Green said: "The fact that Johannesburg serves as the regional management office for the group's business in sub-Saharan Africa highlights HSBC's commitment to the region.
"By combining the business previously conducted under the HSBC Equator Bank banner with those of our South African operations under the new branch mantle, we now have a consolidated service to offer our clients."
Green said the pan-African initiatives of the New Partnership for Africa's Development (Nepad) had been "a very positive move for the region. And here in South Africa, on the eve of celebrating 10 years of democracy, we welcome the initiatives taken to foster and develop economic growth across the community."
SouthAfrica.info reporter
