The Bank of New York, which has had a strategic alliance with Standard Bank in South Africa for several years, is opening a representative office of its own in Johannesburg. The office, the Bank’s first in sub-Saharan Africa, will offer securities servicing and global payment products, with the aim of expanding existing client relationships and identifying opportunities for growth.
“The Bank’s growth in South Africa reflects the accelerating integration of the South African economy into the global financial markets,” says BNY. “This trend is well evidenced by the fact that the South African depositary receipt market has been among the world’s fastest growing and best performing. At the same time, due to the progressive relaxation of South African capital controls, investors in the country have become more active participants in overseas markets, requiring the provision of more sophisticated global custody, funds transfer and trade finance products and services.”
The Bank announced that Janet Johnstone has joined The Bank of New York as its representative in South Africa, responsible for the strategic direction as well as the sales and marketing efforts for the Bank’s operations in the region. Prior to joining The Bank of New York, she was vice president and head of financial institutions at Citigroup South Africa. Earlier,. Johnstone worked at Standard Bank of South Africa and Absa Bank.
“The opening of our Johannesburg representative office underscores our long-standing commitment to the region,” says Alan R. Griffith, vice chairman of The Bank of New York.”The new South African office will enable us to continue our successful marketing efforts for our securities, payments and trade finance services and will serve as the focal point for our continued growth in sub-Saharan Africa.”
William F. Williams, senior vice president and division manager of the Bank’ s Middle East, Eastern Europe and Africa Division, added: “We welcome the opportunity to establish our presence in Johannesburg and are delighted that Ms. Johnstone will be leading our business development efforts here. The South African market offers significant new opportunities for growth, and we look forward to helping our clients prosper in the region.”
The Johannesburg office will offer depositary receipt, custody, funds transfer and trade finance. It will not be a deposit-taking or banking office. Since 1998, the Bank has had a strategic alliance with Standard Bank of South Africa to provide joint custody solutions to South African investors, and the alliance has become a key component of the Bank’s growth strategy in the region. Standard Bank’s clients have access to The Bank of New York’s extensive custodial network and global custody services, including investment reporting, portfolio analytics and performance measurement products. In addition, through the alliance, The Bank of New York has developed its business with institutional clients, including fund managers, unit trusts and pension funds.