Asahi Group Holdings, the Japanese brewing and beverages giant, has picked Absa Bank Kenya PLC, ENS Africa, A&O Shearman and Nomura Holdings to advise on its USD 2.3 billion acquisition of a 65% controlling stake in East African Breweries Plc (EABL) from Diageo Plc, a transaction that ranks among the largest consumer-sector deals ever executed in East Africa. The advisory line-up brings together regional execution strength and global deal expertise. Absa Bank Kenya PLC is acting as financial adviser alongside Nomura, the Japan-headquartered investment bank, while ENS Africa and A&O Shearman, the London-headquartered global law firm, are providing legal counsel….
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Less than a year after Standard Chartered announced its plan to exit its Wealth and Retail Business (WRB) segment, the long-anticipated transfer to Absa Uganda has entered a decisive phase. On 24 October, Absa confirmed that it would acquire Standard Chartered’s entire WRB portfolio, including clients, staff, deposits, and assets. It is one of the most significant realignments in Uganda’s banking sector in recent years. The deal has now moved to the COMESA Competition Commission (CCC), which on 18 November issued a formal Notice of Inquiry. The inquiry will evaluate whether the transaction could reduce competition in the COMESA region…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
When Uganda’s capital city floods, it is often framed as a natural disaster. The skies open up in fury, the drains overflow, and Kampala drowns under its own chaos. But the truth, stark and uncomfortable, is that our floods are man-made. They are not the wrath of the heavens; they are the consequence of greed, negligence, and broken governance. And at the centre of it all stand institutions we once believed were different, Uganda’s banks. As political will falters and environmental enforcement collapses under the weight of corruption and patronage, banks have become crucial. They are the last institutions still…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
After a two-year probe, COMESA’s Competition Commission has forced Uber to rewrite parts of its rider contract. The Commission says the parts of the contracts mislead and unfairly tilt risk to customers. At the heart of the case was a basic question: should a global platform be free to set terms that weaken local consumer protections? The Commission decided the answer was no. It closed the investigation after Uber agreed to amend its Terms & Conditions. The changes now bar the company from routing disputes in Kenya and Uganda through Dutch law, clarify when prices can change mid-journey, and limit…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
As Uganda’s economy gains momentum in its post-pandemic rebound, a quiet contradiction is taking shape in the financial sector. On the surface, there’s cause for celebration. Mobile money volumes are…
While announcing Mumba Kalifungwa’s appointment as Absa Bank Uganda’s Managing Director, on March 23rh 2020, Nadine Byarugaba, the Board Chairman said the bank had all faith in the new Managing Director’s ability to lead the bank to new horizons. “We have no doubt that Mumba’s experience across several African markets, deep knowledge of the bank, as well as his demonstrated strategic and operational vision will be invaluable as Absa firms its position on the continent,” she said. Even though this was the first time Mumba was taking on a CEO role, Saviour Chibiya, the then Regional MD for Absa Regional…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
In a bid to equip the financial sector with practical knowledge on ethical framework and conduct in daily operations, Absa Bank Uganda has conducted a one-day training for sector compliance experts. The event, officiated by theBank of Uganda (BoU) Executive Director for SupervisionDr. Tumubweine Twinemanzi, took place at Protea Hotel in Kampala under the theme ‘Building blocks of an ethics programme’. In his address, Dr. Twinemanzi said that it is important that banks and other financial institutions give special attention to conduct risk if they are to address the upsurge in financial fraud in the post-COVID era. Twinemanzi added that…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
You never get a second chance to make a first impression, so it’s been said. Indeed, Absa Bank Uganda, a subsidiary of Absa Group, one of Africa’s largest financial institutions, has spared in doing its best as Airtel Uganda’s Lead Transaction Advisor⏤ for obvious reasons. First of all, it is the sheer size and significance of the Airtel IPO. The telco has put up for the IPO, 8,000,000 shares (20% of the issued shares) for UGX100 per share, a transaction that should realise some UGX800 billion (USD 212 million) that the company says it needs to bulk up funding for…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
SMEs are the engine of the economy, yet they were probably some of the worst hit by the pandemic. How is Absa positioned to support SME full recovery and growth? At Absa, we believe in the potential and contribution that SME businesses can make to the socioeconomic development of the country. Through programs such as the Absa SME Academy and Enterprise Supplier Development, we have efforts in place to support the growth and survival of SMEs. This we do through training to professionalize both new and existing SMEs in the country. We work with these businesses to apply the knowledge…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
Absa Bank Uganda has introduced the country’s first innovative and exciting cardless withdrawal function on its Automated Teller Machines (ATMs). The innovation allows customers to use a QR Code generated from the Absa Banking App on any smartphone device to withdraw cash at any Absa ATM countrywide. Speaking during a media briefing to launch this new offering, Musa Jallow, Retail Director, Absa Bank Uganda said, “Digital payments are evolving at a fast pace, particularly during this COVID-19 era where public health is a primary concern. Absa is responding to the needs of customers who are looking for convenience and security…
This Is Premium Content. Subscribe And Save On Unlimited Access With Our Best Offers!
