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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Thank you very much for the opportunity to speak with you. I’ve been following some of the remarks you’ve made since your appointment in June, and one recurring theme that…
Absa Bank has strengthened its Board of Directors with the appointment of two seasoned professionals—Hassan Saleh, Managing Director of MultiChoice Uganda, and Gloria Byamugisha, Group Chief Human Resource Officer at Dangote Cement. The two have been appointed as Non-Executive Directors, in a move set to strengthen the bank’s governance and drive its next phase of strategic growth and innovation. The new appointments, announced on Thursday, bring to the board a combined wealth of expertise in commercial leadership, digital transformation, and human capital development across regional and international markets. “We are pleased to welcome Hassan and Gloria to the Board of…
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DHL, a global leader in the logistics industry has announced its collaboration with Absa Bank Uganda for the 2024 ‘Growing Beyond Borders’ Entrepreneurial Training Programme. The purpose of the programme is to empower Small and Medium Enterprises (SMEs) in Uganda by enhancing their understanding of the economic potential of international trade and its benefits. “SMEs tend to focus predominantly on domestic markets, neglecting lucrative opportunities for international trade. This is often due to a lack of information, and limited abilities to invest in market research, logistics, compliance, and marketing. These challenges limit SME growth and therefore this programme will enable…
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Take care of your health and/or invest in insurance. If the pandemic has taught us anything, it’s that your entire savings and investments (your life’s work) can be wiped out by a single medical emergency. Diversify your savings and investments. This presents some shields against the depletion of savings or business losses in one option and the disillusionment that comes with it. There are various options available beyond keeping your money in a single savings account. Look out for unit trusts, voluntary pension funds and the like. Learn to manage inherited wealth. Inheriting property, stocks, cash etc. doesn’t mean you…
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Ugandan financial markets have been ranked in the top spot in East Africa and the fifth on the African continent, according to the just-released 2021 Absa Africa Financial Markets Index. A collaboration between the Official Monetary and Financial Institutions Forum (OMFIF) and Absa Group Limited the index assesses the progress and potential of 23 African financial markets, across six key pillars, namely: market depth, access to foreign exchange, market transparency, the capacity of local investors, macroeconomic opportunity, and the legality and enforceability of standard financial markets master agreements. A higher index and or rank means that a country’s financial markets…
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2020 was an unprecedented year, for the industry, for Absa and yourself as a leader. It was a year of many firsts. But regardless, Absa emerged strong— stirred, but not shaken. What would you say were the key highlights? I think 2020 by all intents and purpose, was a challenging year. It was unprecedented in the sense that no one would have predicted the way it turned out to be. The health and economic impact of Covid-19, in Uganda and all over the world has been and continues to be unmatched. 2020 was filled with a lot of uncertainty….
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22% surge in customer deposits propels growth in customer lending and investments; creating a UGX3.4 trillion asset base, allowing Absa to overtake Standard Chartered Bank and dfcu Bank to become Uganda’s third largest commercial bank, after Stanbic and Centenary Bank.
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Absa Group Limited has today announced the appointment of Mr Mumba Kalifungwa as Managing Director for Absa Bank Uganda effective 1 April 2020, confirming a story, CEO East Africa early this month broke about his appointment. He succeeds Mr Nazim Mahmood, who has held the position on an interim basis since July 2019, leading the organisation through a historic brand transition to Absa. He will work closely with Mr Kalifungwa over the coming weeks to ensure a smooth transition. Mr. Kalifungwa has held various positions within the Group, most recently he served as Chief Financial Officer for Absa Bank…
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Absa Group has tapped Mumba Kenneth Kalifungwa the former Executive Director, Finance at Absa Botswana, as its Managing Director, for Uganda, CEO East Africa has learnt. Mumba, replaces Mr. Nazim Mahmood who has been heading the bank since June 2019. According to our sources- Nazim leaves the country this month. CEO East Africa understands that Nazim was here on a short contract to manage the rebranding process as Absa searched for a substantive replacement for Rakesh Jha whose contract ended mid-2019. Several sources we talked to at Absa declined to comment. We reached out to Mumba on his LinkedIn inbox,…
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