The Absa group’s separately branded specialist bank, MLS Bank, will be integrated into the Absa brand over the course of the next few months, in line with the group’s powerful single-brand strategy.
The group said on Monday that the niche market of medical professionals currently serviced by MLS will continue to receive specialist dedicated products and services from experienced MLS staff, who will be absorbed into Absa Personal Financial Services.
Brendan O’Donnell, managing executive of Absa Personal Financial Services, says integrating the MLS brand into Absa is a logical step at this point.
“Our medical clients are a critical segment of our business. Currently 40% of the medical market banks with the Absa group and we intend protecting and building on this strong position going forward,” says O’Donnell.
“The Absa brand is one of the most recognised and well-established in the country and it makes sense to leverage off this brand power in the market,” he adds.
Absa has approximately 31 000 medical clients who are collectively serviced by Absa Personal Financial Services, Business Bank and MLS Bank, with the majority being serviced by Absa Personal Financial Services.
As a result, the integration of MLS into Absa will be a smooth transition for MLS clients and will be of benefit to them as they will have access to a comprehensive array of financial solutions offered by the total Absa group.
“We will provide one-stop financial access to a comprehensive range of holistic financial solutions together with dedicated attention and quality service from our entire Personal Financial Services team of specialists.
“We recognise and respect that challenges faced by our clients in the fast-changing medical industry and are confident that we are equipped to provide the relevant advice and support required,” says O’Donnell. — I-Net Bridge