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Absa Bank Zambia

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Coordinates: 15°24′49″S 28°18′11″E / 15.41361°S 28.30306°E / -15.41361; 28.30306
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Absa Bank Zambia Plc
Company typeSubsidiary of Absa Group Limited
IndustryBanking
FoundedJanuary 1, 1918; 106 years ago (1918-01-01)
HeadquartersLusaka, Zambia
Key people
Newton Barton Young
Ag. Chairman
Mizinga Melu
Managing Director[1]
ProductsLoans, credit cards, savings, investments, mortgages
RevenueIncrease:Aftertax: ZMW:1,059,376,000 (US$41.95 million) (2020)[1]
Total assetsZMW:18,557,608,000 (US$734.86 million) (2020)[1]
Number of employees
792[1]
Websitewww.absa.co.zm/personal

Absa Bank Zambia Plc, formerly Barclays Bank of Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.[2]

Location

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The headquarters and main branch of Absa Bank of Zambia are located at 4643 and 4644 Elunda Office Park, Addis Ababa Round About, in the city of Lusaka, Zambia's capital city.[1] The geographical coordinates of the bank's headquarters are: 15°24′49.0″S 28°18′11.0″E / 15.413611°S 28.303056°E / -15.413611; 28.303056[3]

Overview

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The bank is a large financial institution in Zambia. The institution serves the banking needs of large corporations, small and medium sized enterprises, individuals and government departments. As of 31 December 2020, the bank's total assets were valued at ZMW:18.558 billion (US$732.86 million), with shareholders' equity of ZMW:1,210,490,000 (US$47.93 million).[1] As of December 2020, the bank employed 792 people in Zambia.[1]

History

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According to its website, Barclays Bank has been present in Zambia since 1918. However, the bank was licensed in its present form in 1974. The bank is a member of the Absa Group Limited, which was a subsidiary of Barclays Bank Plc., until June 2017, when Barclays Plc decided to sell down its shares in the group.[4] In March 2018, Barclays Africa Group made a decision to re-brand to Absa Group Limited.[5]

Name change

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In 2016, Barclays Bank Plc, owned 62.3 percent of Barclays Africa Group (BAG). At that time BAG was the parent company of Barclays Bank of Zambia. Barclays decided to divest its majority shareholding in BAG, worth £3.5 billion then.[6] In December 2017, Barclays reduced its shareholding in BAG to 14.9 percent.[7] Following those events, BAG re-branded to Absa Group Limited in 2018. Under the terms of that re-brand, Absa had until June 2020 to change the names of its subsidiaries in 12 African countries.[8]

In Zambia, the re-brand concluded on 10 February 2020, when both the bank's legal and business names became Absa Bank Zambia Plc.[9][10]

Branch network

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As of May 2020, the bank maintained a network of over 47 branches.[11]

Governance

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The Ag. Chairman of the Board of Directors of Absa Bank Zambia, is Newton Barton Young. Mizinga Melu, serves as the Managing Director of the bank.[1]

See also

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References

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  1. ^ a b c d e f g h "Absa Bank Zambia Annual Report for the Year Ended 31 December 2020" (PDF). Absa Bank Zambia Limited. Lusaka, Zamia. 4 April 2021. Retrieved 19 April 2024.
  2. ^ Babk of Zambia (19 April 2024). "Bank of Zambia: List of Licensed Commercial Banks". Bank of Zambia. Lusaka, Zambia. Retrieved 19 April 2024.
  3. ^ "Location of the Headquarters of Absa Bank Zambia Limited" (Map). Google Maps. Retrieved 30 April 2018.
  4. ^ Anjuli Davies; Tiisetso Motsoeneng (1 June 2017). "Barclays makes early African exit with $2.8 billion share sale". Reuters. Retrieved 30 April 2018.
  5. ^ "Barclays Africa Group Rebrands to Absa Group Limited". Lusaka: Tumufweko.com. 2 March 2018. Archived from the original on 1 May 2018. Retrieved 30 April 2018.
  6. ^ Martin Arnold; Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 11 February 2020.
  7. ^ Jan Cronje (1 December 2017). "Barclays to further reduce stake in Barclays Africa". Cape Town: Fin24.com. Retrieved 11 February 2020.
  8. ^ "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Reuters. 11 July 2018. Retrieved 11 February 2020.
  9. ^ Lusaka Times (10 February 2020). "Barclays Bank Zambia PLC officially becomes Absa Bank Zambia PLC". Lusaka Times. Retrieved 12 February 2020.
  10. ^ Adekunle (16 February 2018). "Lupiya Loans for Civil Servants". Zambia. Retrieved 5 February 2022.
  11. ^ "List of Absa branches in Zambia". Absa. Lusaka. March 18, 2020. Archived from the original on 2020-06-30. Retrieved 29 May 2020.
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15°24′49″S 28°18′11″E / 15.41361°S 28.30306°E / -15.41361; 28.30306

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