Private sector bank Rand Merchant Bank (RMB) has established a New York-based representative office to facilitate greater US business flows into the African continent.

RMB’s parent, FirstRand Bank, has received all necessary approvals from the US Federal Reserve board and the New York state Department of Financial Services.

RMB CEO Emrie Brown says foreign investors are increasingly turning to Africa, with its considerable natural resources, extensive markets, young population and good technological prospects.

The African Continental Free Trade Area Agreement will also ease access into Africa, stimulate intra-regional trade and boost growth, he notes.

“The new office will link investors in the US with Africa’s extensive business opportunities. As an established, on-the-ground 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 avers.

He says the bank will work with US-headquartered multinational corporations with African subsidiaries, nongovernmental corporations and US corporates with no African presence that intend to engage in business or establish themselves in Africa.

Albert Maartens, who heads up the US operations, says the new 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.

“RMB will be able to 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,” Maartens notes.

RMB’s product and services offering will include the full spectrum of corporate and investment banking products such as lending, equity and debt capital markets, custody, foreign exchange, derivative hedging instruments and cash management.

These will be offered across multiple sectors and industries in sub-Saharan Africa, such as mining and minerals, logistics, consumer goods, fintech, healthcare, energy and infrastructure.