Absa Bank Limited

Formerly	Amalgamated Banks of South Africa
Company type	Subsidiary
Industry	Financial services
Founded	1986; 39 years ago (1986)
Headquarters	7th Floor, Absa Towers West 15 Troye Street,Johannesburg, South Africa26°12′21″S28°02′56″E / 26.20585726°S 28.04899148°E /-26.20585726; 28.04899148
Key people	Kenny Fihla (CEO)[1] René van Wyk (Chairman)[2]
Products	Loans Checking Savings Investments Debit cards
Operating income	R 58.51 billion[3] (2024) R 52.94 billion[3] (2023)
Net income	R 13.58 billion[3] (2024) R 9.87 billion[3] (2023)
AUM	R 423.13 billion[3] (2024) R 359.09 billion[3] (2023)
Total assets	R 1.67 trillion[3] (2024) R 1.53 trillion[3] (2023)
Total equity	R 116.05 billion[3] (2024) R 105.31 billion[3] (2023)
Parent	Absa Group Limited
Website	absa.co.za

Absa Bank Limited, formerly known as theAmalgamated Banks of South Africa, is acommercial bank in South Africa and the flagship bank ofAbsa Group. It is licensed by theReserve Bank of South Africa, thecentral bank and national banking regulator.^[4]

The bank's headquarters are located on the 7th Floor of Absa Towers West, 15 Troye Street,Johannesburg, South Africa.

Absa Bank Limited is one of the largest commercial banks in South Africa. As of 31 December 2018, the bank's total assets wereR 1,289,000,000,000 (US$73,691,500,000).^[5] Absa Bank Limited is a 100 percent subsidiary ofAbsa Group Limited, thePan African financial services conglomerate headquartered inSouth Africa, with subsidiaries in 12 African countries, whose total assets exceeded US$91 billion as at October 2019. The shares of thestock of Absa Group Limited, are listed on teJSE Limited, where they trade under the symbolAGL.^[6][7]

According to the archives of maintained byBarclays Bank Plc, Amalgamated Banks of South Africa Limited was incorporated in 1986, by "the merger of UBS (United Building Society) 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 toAbsa Group Limited in 1997.^[8]

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 11sub-Saharan African countries were made part of the group. Absa Group changed its name toBarclays Africa Group.^[8]

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.^[9]

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.^[10]

The bank is governed by a seven-personboard of directors. The chairperson of the board isRené van Wyk^[2], one of the non-executive directors.^[6] TheChief Executive Officer is Kenny Fihla.^[1]

• List of banks in South Africa

• Official Website

• Banks of South Africa
• Absa Group Limited
• Companies based in Johannesburg
• Banks established in 1986
• Economy of South Africa
• South African companies established in 1986

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