MEDIA RELEASE
19 MAY 2023
RMB's US presence facilitate investment flows into Africa through establishment of US office
Rand Merchant Bank (RMB) officially launched its New York based representative office on 18 May at a function held at the South African Consulate General in New York. The keynote speaker at the event was South Africa’s Deputy Minister of Finance Dr David Masondo.
RMB’s parent, FirstRand Bank, received all necessary approvals from the United States Federal Reserve Board and New York State Department of Financial Services on 1 February 2023 and has been operational since.
RMB CEO Emrie Brown said that foreign investors are increasingly turning to Africa, with its vast natural resources, extensive markets, young population, and excellent technological prospects. The African Continental Free Trade Area agreement will also ease access into Africa, stimulate intra-regional trade and boost growth.
Said Brown: “The new office will link investors in the United States with Africa’s extensive business opportunities. As an established, leading African corporate and investment bank with offices across the African continent, we understand the challenges and regulatory environments for business success in Africa. We are particularity well-placed to drive investment into the continent thanks to the advisory expertise we have developed since RMB’s establishment in 1984.”
Brown added that the bank will work with US-headquartered multinational corporations with African subsidiaries, non-governmental corporations, investors, as well as US corporates with no African presence that intend to engage in business or establish themselves in Africa.
Managing Director of the RMB Representative Office, Mark Chiaviello, said that the office will enable RMB to spend more time with key corporate and institutional decision-makers and facilitate assistance to and communication with US corporates looking to expand into Africa.
Said Chiaviello: “RMB will act as trusted adviser for our existing and future US clients so that they can take advantage of our innovative product offerings within the environment in which they wish to operate. As a division of FirstRand Bank, we can offer investors longer tenors due to our large capital base, access to deep expertise on the continent, an impeccable compliance record and due diligence skills and processes that are firmly in place.”
RMB’s product and services offering includes the full spectrum of corporate and investment banking products such as M&A advisory, lending, equity and debt capital markets, custody, foreign exchange (FX), derivative hedging instruments and cash management. These are offered across multiple sectors and industries in sub-Saharan Africa, such as mining and minerals, logistics, consumer goods, fintech, healthcare, energy and infrastructure.
“RMB has exceptional talent, focused on providing clients with distinctive service and deep African expertise. We are passionate about entrenching ourselves in the new jurisdictions in which we choose to operate – and about having a positive impact on the business of the clients we serve,” Brown concluded.
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Contact:
Mark Chiaviello l Managing Director, RMB Representative Office l Mark.Chiaviello@rmbcibusa.com
https://www.rmbcibusa.com
