ABSA given dealer status

ABSA Asia, wholly owned by Amalgamated Banks of South Africa, has been granted an exempt dealer status, which will boost its capital market activities in Hong Kong.

The bank plans to market and sell South African equities and bonds, and offer fund management and custodian services.

''Institutional investors in Hong Kong can now execute buy and sell orders directly with ABSA without the need to call stockbrokers in Johannesburg, or merchant banks in London,'' the bank said.