Swedbank’s Representative Office in South Africa
Magnus Furuholm, Chief Representative Officer for Swedbank in Johannesburg, on why the Representative Office was set-up;
“We see that we can bring additional value to our clients by being a regional banking partner, operating first-hand in the local markets here in Africa. With a wide network in the region, we have a broad understanding of market risks and opportunities, and keep a close relationship with key stakeholders in the local business community”.
Business Sweden has assisted Swedbank with the legal requirements around establishing a Representative Office in Johannesburg. The Swedbank Representative Office covers the entire Sub-Saharan region and facilitates relationships with local banks and organizations across the African markets.
Business Sweden’s has, throughout the process, assisted Swedbank in its establishment in South Africa in compliance with the stringent regulations on banking and financial institutions. Establishing a physical office, Business Sweden’s local representatives in Johannesburg assisted Swedbank to swiftly navigate the local compliance requirements and set-up in an - among Swedish subsidiaries in South Africa - well know location. In cooperation with a local law firm, Business Sweden also assisted with getting required approvals from the Reserve Bank of South Africa.
Johannesburg - a base for Swedish companies exporting to sub-Saharan Africa
Johannesburg is a business and financial hub for Sub-Saharan Africa. Most large Swedish companies have subsidiaries in Johannesburg and manage their exports in the region from this base. From its offices at Business Sweden’s premises, Swedbank maintains close relations with key banks across the Sub-Saharan markets such as Angola, Nigeria and Zambia.
Business Sweden’s BSO service offering has allowed Swedbank to quickly establish in South Africa. “Business Sweden has also assisted Swedbank in other markets on the continent such as Angola, Zambia and Nigeria - helping to come into contact with regulatory authorities such as Central Banks”, comments Ruth Phiri, Consultant, Business Sweden.