The official opening of Rand Merchant Bank (RMB) office in New York on May 18, 2023, marked a significant milestone in strengthening financial ties between South Africa and the United States.
The keynote speaker, South African Deputy Finance Minister Dr David Masondo, highlighted the crucial role of South African financial services in facilitating capital flows for Africa’s development.
Mr. Neil Diamond, President of the SA Chamber USA, warmly welcomed RMB’s entrance into the US financial market, acknowledging the positive impact it would have on business flows and investments into Africa.
The newly established RMB office will serve as a vital link, connecting US investors with the vast business opportunities that Africa offers. With approvals received from the United States Federal Reserve Board and the New York State Department of Financial Services on February 1, RMB’s parent company, FirstRand Bank, is well positioned to bring its expertise to the US market. RMB CEO Emrie Brown emphasized the growing interest of foreign investors in Africa given its abundant natural resources, extensive markets, youthful population, and promising technological prospects.
He also highlighted the African Continental Free Trade Area agreement as a catalyst for stimulating intra-regional trade and facilitating access to the African market.
Mark Chiaviello, Managing Director of the RMB Representative Office, expressed excitement about the opportunity to work closely with key corporate and institutional decision-makers. The office aims to provide support and assistance to US corporates looking to expand into Africa, acting as a trusted adviser for both existing and future clients.
RMB’s comprehensive product and service offerings span various sectors, including mining and minerals, logistics, consumer goods, fintech, healthcare, energy, and infrastructure. These offerings encompass corporate and investment banking services, such as M&A advisory, lending, equity and debt capital markets, custody, foreign exchange (FX), derivatives, and cash management.
The SA Chamber USA is committed to supporting RMB through its extensive network of South Africans on Wall Street and in corporate America. By leveraging these connections, the chamber aims to facilitate continued growth and collaboration between South African and American businesses.
The establishment of RMB’s office in New York represents a significant step in strengthening economic ties between South Africa, Africa, and the United States. It offers a promising platform for mutual growth, increased investments, and expanded business opportunities, all supported by the SA Chamber USA’s ongoing commitment to fostering collaboration and success