Absa Bank Kenya has launched an offshore investment plan to expand its private wealth management offerings.
It mainly targets high net worth individual clients in need of capabilities to manage their financial commitments across multiple countries and regions.
The bank sad the plan is in response to the growing pool of high-net-worth individuals in the country who are actively diversifying their investment portfolio beyond local markets.
Data by Knight Frank Kenya shows that the number of high-net-worth Individuals in the country is set to increase by about 27 per cent in the next five years, presenting a significant opportunity for financial institutions to provide private wealth management solutions.
The offshore investments plan will be managed via the lender’s subsidiary, Absa Asset Management Limited (AAML), after clearance from the Capital Markets Authority (CMA) to set up locally.
Speaking at the launch Absa Kenya's interim managing director Yusuf Omari said the bank is actively expanding its product portfolio towards becoming a holistic financial services group in line with customers’ evolving financial needs.
"As Absa, we are inspired by the people we serve and are always committed to finding tailored solutions to the unique needs of our clients and everything we do focuses on creating value for them," Omari said.
He further said that with Nairobi's recognition as a leading regional financial services hub amid the increasing demand for offshore hard currency investments, they are leveraging on their global footprint, market intelligence and expertise to offer the service.
“This is to set up a well-structured offshore investment infrastructure that not only meets regulatory standards across different markets but also resonates with the needs of clients looking to invest their capital with minimal risk and assured returns,” Omari said.
