Private Property and Absa Bank announce new partnership
DURBAN - Private Property and Absa Bank have partnered to create maximum value for the South African property industry.
The strategic partnership between Private Property and Absa Home Loans will provide information, tools, and inspiration to ignite the property industry through various content partnerships to be launched later this month, serving as a significant catalyst for innovation and consumer education.
Geoff Lee, Managing Executive of Absa Home Loans says that Absa and Private Property share an obsession for the customer and for transforming the property industry to help South Africans on their homeownership journey.
This partnership is about getting these things done quickly and effectively, and the platforms Private Property provide will further our efforts to make housing education and solutions accessible to more South Africans, as we seek to House the Nation and Shape the Industry in a meaningful way.”
Absa will also act as a key sponsor and content partner at Private Property’s key industry platforms such as the flagship Real Estate Industry Summit (REIS) and the three Property Shows that take place in Cape Town, Durban and Johannesburg.
Absa already partnered with Private Property in bringing the inaugural REIS to South Africa in October 2019, and the 2020 events will foster engagement and critical conversations among all the property industry players while bringing them closer to the consumer.
The bank plays an important role in the property sector and we appreciate that the homeownership journey does not begin and end on our platform and so we welcome this important partnership.
"Private Property’s focus over the next few years will be to facilitate access to the mainstream property sector through innovation and strategic partnerships such as the one we have just concluded with Absa. Through this partnership, we will co-create value for our customers and bring them closer to achieving their homeownership and property investment aspirations," concluded Amasi Mwela, Chief Executive at Private Property.
Last year January the bank announced that the bank is in plans to boost its lending power especially in its housing, vehicle, and personal finance divisions. These are efforts by the bank to help first time home buyers.
Retail and Business Banking chief executive, Arrie Rautenbach said the bank intended to develop Absa’s share of the new mortgage market from 20 percent to 28 percent.
At the time that bank said that the plan will hopefully be done in the next five years.
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