Absa Group Limited
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The Absa Group Limited (JSE: ASA) (also known as ABSA or Absa) is the largest consumer bank in South Africa. Based in Johannesburg, it currently employs 33,166 people both locally and internationally.
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[edit] History
Amalgamated Banks of South Africa was formed in 1991 through the merger of the United, Allied and Volkskas Groups. This was followed in 1992 by acquisition of the Bankorp Group (which included TrustBank and Bankfin). The banks each traded under their own names until 1998, when the United, Volkskas, Allied and TrustBank brands were merged into a single brand in 1998. The name was changed to Absa Group Limited in 1997. In 2005 Barclays Bank of the United Kingdom purchased a 56.4% stake in Absa, which represents the largest foreign direct investment in the country.
[edit] Organisation
Absa Group Limited is structured into a number of divisions which provide various services:
- Absa Bank Limited provides retail, commercial and wholesale banking services as well as asset management services.
- Absa Financial Services Limited provides financial services, short- and long-term insurance and wealth management services.
- Absa Capital Limited Investment Bank
In addition to these, Absa has other subsidiaries operating throughout various parts of Africa (through majority shareholdings in Angola, Mozambique and Tanzania and minority shareholdings in Namibia and Zimbabwe), as well as other interests in the banking and property sectors.
At the beginning of 2006, Absa took over Barclays' South African subsidiary. In the next five years. Absa and Barclays plan for Absa to take over all of Barclays' African operations (except Egypt) through a series of acquisitions, which could make ABSA-Barclays the largest bank in Africa.
[edit] Sponsorship
Absa is a sponsor of many activities in South Africa the most recognized of which is the Absa Currie Cup, the domestic rugby tournament held annually. In the beginning of 2005, Absa sponsored the A1 Grand Prix of Nations in Durban, South Africa.
[edit] External link
Brands: Barclaycard • Barclays Capital • Barclays Global Investors • iShares • The Woolwich • Absa (South Africa)
Corporate Directors: Marcus Agius(Chairman) • John Varley • Naguib Kheraj • Paul Idzik • Gary Hoffman • Robert Diamond • Frits Seegers • Sir Nigel Rudd • Fulvio Conti • Sir Richard Broadbent • Richard Leigh Clifford • Dame Sandra Dawson • Sir Andrew Likierman • Stephen Russell • Sir John Sunderland • Danie Cronjé
Annual Revenue: 
£17.3 billion GBP (2005) | Employees: 113,300 | Stock Symbol: LSE: BARC | Website: www.barclays.com
