Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury (PSST) and Dr. Michael Atingi-Ego, the Bank of Uganda Deputy Governor are headlining this year’s Africa Financial Markets Index (AFMI) Report Presentation and Economic Outlook Forum. Now in its seventh year, the Africa Financial Markets Index (AFMI) is a collaboration between the Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF). Each year, the AFMI assesses 28 African nations on economic development using specific indicators that consider market accessibility, transparency, and openness. Ggoobi who is the chief guest and Dr. Atingi-Ego, the keynote speaker, are both accomplished economists…
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Absa Group today announced its physical expansion into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing. The non-banking subsidiary is now open, with the official launch event in Beijing, scheduled for 8 May 2024. At a ceremony in Johannesburg, South Africa today, attended by Enoch Godongwana, the Minister of Finance of South Africa, and Chen Xiaodong, the Chinese Ambassador to South Africa – Absa Group showcased the continued growth of its international footprint alongside its commitment to fostering new opportunities between Africa and China. The new office will enable Absa Group to offer…
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Absa Group headline earnings increased 27% to R11 billion (about UGX2,531,000,000,000) in the first half of the year as revenue increased, demonstrating a continued strong recovery from the global economic downturn in 2020. Absa reported solid pre-prevision profit for the first half of the year, supported by revenue which rose by 14%, underpinned by growth across our business units and supported by a rebound in the insurance business in South Africa and increased interest rates across key markets. Net interest income and non-interest income rose 12% and 18%, respectively. “Our strong results reaffirm the strategic choices we made in 2018…
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Absa Group has announced the appointment of Arrie Rautenbach as Chief Executive Officer (CEO), effective immediately. The appointment follows a thorough recruitment and selection process completed by the Board. Arrie, who is currently Chief Executive of the Group’s retail and business banking (RBB) unit, is the first internally appointed CEO since 2006. He has more than 25 years’ banking experience, which includes serving as the Group’s Chief Risk Officer, simultaneously providing executive leadership for the Group Separation Programme and Group Strategy Office. His extensive experience in the banking sector, his in-depth knowledge of Absa through several executive roles over the…
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Here are the key 10 things you need to know about this industry-first from Absa. First of all, to enjoy the extreme convenience, you have to be an Absa Bank customer. You must have downloaded and installed the Absa Banking App on your phone.Absa’s cardless ATMs allow users to access their cash without a physical debit card. All a user needs to do is log in to the Absa Banking app on their smartphone. While in the app, the customer selects the ATM QR Cash icon, then scans the QR Code on the ATM. Once the scan is done, the…
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Absa Group has announced the appointment of Saviour Chibiya as Group Executive: Absa Regional Operations (ARO). According to the Group, Saviour will be responsible, together with Retail Business Banking (RBB) and Corporate and Investment Banking (CIB) for the Group’s ARO businesses and for the Group’s strategy, collaboration and relationships with its key stakeholders across those businesses. Saviour will be a member of the Group Executive Committee and will thus provide input in terms of the Group’s strategy overall and in particular the strategic choices for Absa’s growth in the ARO banks and will support and enable the Managing Directors in the…
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Absa Group Ltd., one of Africa’s largest financial services providers, reported an increase in interim earnings and resumed dividend payments as the economic effects of the pandemic eased in the first half of 2021 compared with the same period a year earlier. Group headline earnings grew five-fold to R8.6 billion (UGX2 trillion), which is higher than pre-pandemic levels, supported by resilient pre-provision profit growth and a significant decline in impairments. While earnings increased strongly, the improvement is off a low base a year earlier. Absa generates most of its income from its operations in South Africa. “These results are testimony…
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Recent progress in the Uganda’s long-delayed oil development has brightened Uganda’s longer-term economic prospects following the agreements signed by Uganda and Tanzania on the construction of the US$4bn cross-border oil pipeline between the Lake Albert region in Uganda and the port of Tanga in Tanzania, a research report released by Absa Group on the performance of economies in Sub-Saharan Africa has revealed. “Recent developments in oil and gas industry will transform the economy in the coming years, boosting investment into related sectors and pushing economic growth higher. Total aims to commence oil exports by 2025, with a total of 230,000…
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Absa Group Ltd., one of Africa’s largest financial services providers, has reported a 51% decline in normalised headline earnings to R8 billion after impairments nearly trebled to R20.6 billion amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions eased, particularly in South Africa, which accounts for more than 80% of the group’s earnings. Group headline earnings fell 82% in the first half of 2020 compared with the first half of 2019. Headline earnings in the second half of last year were 19% lower…
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Absa Group Limited’s Barclays-branded subsidiaries in seven African countries – Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia – were renamed as ‘Absa’ today, February 12th 2019, completing the name change across the continent. Absa Group’s subsidiaries in Uganda and Mozambique were renamed in November. The renaming of the remaining subsidiaries today marks another substantial milestone in Absa’s separation from Barclays PLC, a three-year process scheduled for completion by mid-2020. “More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent…
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