Absa Bank Limited

Absa Bank Limited (ABL), formerly known as Amalgamated Banks of South Africa, is a commercial bank in South Africa. It is licensed by the Reserve Bank of South Africa, the central bank and national banking regulator.[3]

For other uses, see ABSA.
Not to be confused with Absa Group Limited.

Absa Bank Limited
TypeSubsidiary of Absa Group Limited
IndustryFinancial services
Founded1986 (1986)
Headquarters7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, South Africa
Key people
Wendy Lucas-Bull (Chairperson)[1]
Daniel Mminele (Managing Director and CEO)[1]
ProductsLoans, checking, savings, investments, debit cards
Total assetsZAR:1,289,000,000,000 (US$73,691,500,000) (2018)[2]
Websitewww.absa.co.za

Location

The bank's headquarters are located on the 7th Floor of Absa Towers West, 15 Troye Street, Johannesburg, South Africa.[4] The geographic coordinates of the bank's headquarters are: 26°12'23.0"S 28°02'57.0"E (Latitude:-26.206389; Longitude:28.049167).[5]

Overview

Absa Bank Limited is one of the largest commercial banks in South Africa. As of 31 December 2018, the bank's total assets were ZAR:1,289,000,000,000 (US$73,691,500,000).[2] Absa Bank Limited Limited is a 100 percent subsidiary of Absa Group Limited, the Pan African financial services conglomerate headquartered in South Africa, with subsidiaries in 12 African countries, whose total assets exceeded US$91 billion as at October 2019. The shares of the stock of Absa Group Limited, are listed on te JSE Limited, where they trade under the symbol AGL.[1][6]

History

According to the archives of maintained by Barclays Bank Plc, Amalgamated Banks of South Africa Limited was incorporated in 1986, by "the merger of UBS Holdings, the Allied and Volkskas Groups, and certain interests of the Sage Group". In 1992 Absa acquired the entire shareholding of the Bankorp Group, which included TrustBank, Senbank and Bankfin. The name of the bank's holding company was changed to Absa Group Limited in 1997.[7]

In 2005 Barclays acquired a 62.3 percent majority stake in ABSA, and Barclays' existing subsidiary in South Africa and Barclays Capital's business were subsequently operated under the ABSA brand. Twelve other financial subsidiaries in 11 sub-Saharan African countries were made part of the group. Absa Group changed its name to Barclays Africa Group.[7]

In 2016, Barclays Bank Plc, which owned 62.3 percent of Barclays Africa Group (BAG), the then parent company of Absa Bank Limited (the South African subsidiary), decided to divest its majority shareholding in BAG, worth £3.5 billion at that time.[8]

In 2017 Barclays reduced its shareholding in BAG to 14.9 percent. After that, BAG re-branded to Absa Group Limited in 2018. Under the terms of that re-brand, Absa had until June 2020 to change the names of its subsidiaries in 12 African countries.[9]

Governance

The bank is governed by a seven-person board of directors. The chairperson of the board is Wendy Lucas-Bull, one of the non-executive directors.[1] The managing director and CEO is Daniel Mminele.[1]

See also

References
  1. Absa Bank Limited (28 March 2020). "The Board of Absa Bank Limited". Johannesburg: Absa Bank Limited. Retrieved 28 March 2020.
  2. Absa Group Limited (8 March 2019). "Absa Group Limited: Summary Provisional Consolidated Financial Results For The Reporting Period Ended 31 December 2018: Assets of Absa Bank Limited" (PDF). Johannesburg: Absa Group Limited. Archived from the original (Archived from the original on 16 April 2019) on 16 April 2019. Retrieved 28 March 2020.
  3. Reserve Bank of South Africa (March 2020). "South African Registered Banks and Representative Offices". Pretoria: Reserve Bank of South Africa. Retrieved 28 March 2020.
  4. Absa Bank Limited (March 2020). "Absa Bank Limited: Head Office, Johannesburg". Johannesburg: Absa Bank Limited. Retrieved 28 March 2020.
  5. Google (15 May 2020). "Location of the Headquarters of Absa Bank Limited, Johannesburg, South Africa" (Map). Google Maps. Google. Retrieved 15 May 2020.
  6. Adrian Frey (23 October 2019). "Barclays in Mozambique rebranding as Absa Bank". Maputo: Club of Mozambique. Retrieved 28 March 2020.
  7. Barclays Archives (2006). "ABSA Group: Amalgamated Banks of South Africa". London: Barclays Archives. Retrieved 28 March 2020.
  8. Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 28 March 2020.
  9. "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Reuters. 11 July 2018. Retrieved 11 February 2020.

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