Peter Mageza, Bankfin managing executive, says: "Integrating the Bankfin brand into Absa was a logical step at this point.
"Bankfin has always been an integral part of the Absa Group. Now we will be able to really benefit from leveraging off this prominent brand and infrastructure.
"Absa is ranked higher than any other financial institution as the most admired and loved brand in South Africa and it makes perfect sense to now be part of this.
"Absa has an opportunity to entrench itself as having an holistic financial products and services offering, including motor vehicle and asset finance.
"The Bankfin brand has served us very well over the years in the individual vehicle finance market. Going forward, we will continue to entrench and grow our position in this market.
"At the same time we will increase our presence in the broader asset-based finance market covering the business and corporate market segments,".
Significant operational efficiencies will be achieved, by bringing all operations and separate sub brands into the Absa mega brand.
An enhanced footprint through the more extensive Absa branch network will effectively make vehicle finance more accessible to a broader base of existing and potential new customers.
Customers are already realising the benefits of a one-stop service, where they are now able to get all their financial requirements at any one of our 600 Absa branches by clicking on the Absa website (www.absa.co.za) or by calling the Absa Vehicle & Asset Finance contact centre. (0860 669 669)
"We have also continued to focus on our relationships and business partnerships with over 2 200 approved motor dealerships," said Mageza.
The new Absa Vehicle and Asset business unit plans not only to focus on vehicle finance, but to increase its activities in selected asset finance markets.
Focus areas such as office automation, aviation and leveraging off the Absa Business Bank customer base in terms of providing asset finance to small, medium and large business are also key focus areas.
Another area of focus will be in the provision of corporate asset finance solutions area under the Absa Corporate and Merchant Bank banner.