Absa Group Limited history, profile and corporate video
Absa Group Limited, originally Amalgamated Banks of South Africa, is a diversified financial services group headquartered in Johannesburg, South Africa. It offers products and services across retail, business, corporate, investment and wealth banking as well as investment management and insurance solutions.
HISTORY
Absa was founded in 1991 through the merger of financial service providers United Bank (South Africa), the Allied Bank (South Africa), the Volkskas Bank Group and certain interests of the Sage Group.
In 1992, Absa acquired the entire shareholding of the Bankorp Group which included Trustbank, Senbank, and Bankfin.
In 1999, the company’s name was changed to Absa Group Limited.
In 2005, Barclays purchased a 56.4% stake in Absa.
In 2013, ABSA Group Limited changed its name to Barclays Africa Group Limited.
In 2018, Barclays Africa announced the group’s name would revert to Absa Group Limited.
Absa Group owns Banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia as well as insurance operations in Botswana, Kenya, Mozambique, South Africa and Zambia. It also have representative offices in Namibia, Nigeria and securities entities in the United Kingdom and the United States.
Banks are wholly owned apart from the following where Absa Group holds majority stakes: Botswana 67.8%, Kenya 68.5%, Mozambique 98.7%, National Bank of Commerce, Tanzania 55%, and Seychelles 99.8%.
SUBSIDIARIES
- Absa Bank Limited
- Absa Financial Services Limited
- Absa Bank Botswana
- Absa Bank Ghana
- Absa Bank Kenya
- Absa Bank Mauritius
- Absa Bank Mozambique
- Absa Bank Tanzania
- Absa Bank Uganda
- Absa Bank Seychelles
- Absa Bank Zambia
- National Bank of Commerce Limited
With more than 35,000 employees and a presence in over 15 countries, Absa Group Limited is considered one of Africa’s largest diversified financial services groups. According to Forbes, it is considered one of the Largest Public Companies in the World.
*Information from Forbes.com, Wikipedia.org, and www.absa.africa.
**Video published on YouTube by “Absa Bank Kenya“.