Absa has been re-appointed as the banker for the Ekurhuleni Metropolitan Municipality, an indication of the continued confidence the Municipality has in the bank's good banking practices and other financial services rendered to the municipality.
As a significant banker across the three spheres of government (national, provincial and local) in the country, Absa received confirmation that the existing contract with the Municipality had been renewed for a further three years, covering the period 1 July 2012 to 30 June 2015.
As part of the multi-million rand contract, Absa will provide the Municipality with banking services including, the full management of all the Municipality's bank accounts, cash management, financial management and handling of other related services.
"Absa's primary banking relationships with municipal clients has continued to increase over the last three years, and our strategy and intention is to grow our relationships with existing clients while acquiring new ones," says Shiva Makotoko, Head of Absa's Public Sector.
She adds that apart from providing banking services to Municipal clients, Absa has been at the forefront of facilitating infrastructure funding needs in support of developmental initiatives taken on by Local Government.
This support spans across the entire spectrum of Local Government, encompassing small and medium municipalities and the larger metropolitans. Alternative sources of funding have been strongly promoted, wherein Absa's corporate and investment banking division, Absa Capital, has facilitated a number of metropolitan municipalities in sourcing long-term funding in the Municipal Bond Market.
Absa is primary banker to other key public sector clients which include the City of Cape Town, Johannesburg Metropolitan Municipality, Mangaung Metropolitan Municipality, as well as Kwa-Zulu Natal, the Northern Cape, the Eastern Cape and North West Provincial Governments.
Note to the editor:About Absa Capital
Absa Capital, a division of Absa Bank Limited (Absa) and affiliated to Barclays, is a leading South African corporate and investment bank with global reach, offering clients financing, risk management and advisory solutions in a wide range of currencies and structures across the globe. For further information contact:
Marketing and Corporate Communications
+27 11 895 6695
+27 79 695 email@example.com