When Kenny Fihla walked onto the stage at the B20 Summit in Johannesburg, there was a sense that the room was bracing for more than a corporate address. As the Group Chief Executive Officer of Absa Group, one of Africa’s most influential financial institutions, he arrived with a message that felt both urgent and momentous. Africa, he argued, is standing at a rare inflexion point, one shaped by shifting global dynamics and the continent’s own emerging strengths. And if the room expected a predictable speech filled with familiar development clichés, they quickly realised they were in for something different. Fihla…
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Let’s start off with why Absa Group is involved in this B20 summit. When we decided to participate in B20, it was largely because we’re a pan-African bank, and this story being an African story with having a G20 for the first time on the African continent, we felt that it was quite important that we could bring all the African voices into the discussion. We see Africa decisively from an Absa perspective as the space we would want to grow in. And we are very deliberate about solving African stories. How does Absa’s recent acquisition of Standard Chartered’s retail…
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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…
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Ecobank Uganda has appointed Emmanuel Kiberu as its new Chief Financial Officer (CFO), marking a significant addition to the bank’s executive leadership team. A qualified Chartered Accountant with over a…
Absa Bank Uganda has entered into an agreement to acquire the Wealth and Retail Banking (WRB) business of Standard Chartered Bank Uganda. The acquisition marks a major shift in Uganda’s…
Absa Group CEO Kenny Fihla visited Uganda this week as part of his first strategic East Africa roadshow since taking up the role of Group CEO last month, aimed at…
Absa Group has launched a grand plan that will ensure its clients to benefit from enhanced features such as advanced machine learning algorithms, and improved data analytics – technologies that are crucial to delivering faster, more accurate customer service and tailored financial solutions – thereby elevating the standard of digital banking across Africa. Absa Group Chief Information and Technology Officer, Johnson Idesoh said, the bank is strengthening its digital offerings across all segments using advanced analytics to enhance clients’ digital experience “This means that pursuing constant innovation and adopting sustainable technology practices through collaborative partnerships remain key focus areas for…
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Absa Group Ltd has concluded further agreements with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, freeing up additional financial capacity for investments in Pan-African climate finance projects. In 2019, MIGA issued capital guarantees worth USD 497 million to Absa Group in support of managing certain climate risks in countries including Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda, and Zambia. Absa was the first African banking group to enter into this type of guarantee transaction with MIGA. The guarantees help Absa to provide additional financing to its subsidiaries in the participating markets, supporting lending and growth….
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Absa Group reported a resilient set of results for 2023, delivered in an operating environment that was weaker than expected, particularly in South Africa where continued electricity supply disruptions, supply chain logistic issues, and sticky inflation along with a higher interest rate environment weighed on growth prospects for customers and clients alike. However, the Africa regions reported very strong growth, well ahead of South Africa. Within this context, normalised headline earnings increased by 1% as pre-provision growth of 6% reflected continued momentum in the business, offset by higher credit impairments, particularly in South Africa, Absa’s largest market by revenue. Strong…
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Ahead of the event, David Wandera FCCA, the Absa Executive Director & Head of Financial Markets discusses the financial markets landscape in 2023 and why it is important for financial markets actors, policymakers and other stakeholders to attend and or follow the release of the #AFMIIndex2024. From your perspective as a key financial markets actor in Uganda, how did Uganda’s financial markets perform in 2023? The Ugandan financial markets performed well – especially when compared to global and regional financial markets. Specifically, the currency remained fairly stable – depreciating less than 2% compared to several other African currencies that depreciated…
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