Absa Bank Kenya PLC has launched an Offshore Proposition expanding its suite of private wealth management solutions.

With this solution, the bank is targeting individual clients in need of capabilities to manage their financial commitments across multiple countries and regions.

The proposition is in response to the growing pool of High-Net-Worth individuals in Kenya that are actively diversifying their investment portfolio beyond local markets.

The Absa Offshore Investments proposition will be managed via Absa Asset Management Limited (AAML), a fully-fledged subsidiary of Absa Bank, after receiving the green light from the Capital Markets Authority (CMA) to set up locally.

Absa Bank’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,” said Mr Omari.

He added: “Nairobi is a leading regional financial services hub with an increasing demand for offshore hard currency investments. As a fully-fledged financial services group, we are leveraging our global footprint, market intelligence and expertise 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.”

Research by Knight Frank Kenya indicates that the number of High Net Worth Individuals in Kenya is set to increase by 27 per cent in the next five years, presenting a significant opportunity for financial institutions to provide private wealth management solutions.