ABSA Bank South Africa Current Ownership

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ABSA Bank South Africa Current Ownership

ABSA Bank South Africa Current Ownership. ABGL is the majority shareholder of 11 banks located in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (two entities), Uganda and Zambia.

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It is impossible to mention the most valuable brands in South Africa without mentioning Absa. Even after cutting ties with its primary backer, Barclays PLC, the financial outfit in SA has continued to soar and expand. Today, it is present in 12 African countries. Also, there are offices in the US and UK. Since its inception, Absa bank has been all about ‘ bringing possibilities to Life,’ as they focus mainly on African society.

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Company background 

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In 1991, four organisations agreed on a merger to form Absa. Such banks as The Allied, Volkskas Groups, and UBS Holdings, with some part of Sage Group, established the Amalgamated Banks of South Africa, which would later become Absa meaning. One year after the merger, Absa Group had purchased the major part of Bankorp Group’s shareholding. This move expanded the top financial company as Bankorp Group was made of three banks: TrustBank, Bankfin, and SenBank.

If you have any challenges, see ABSA South Africa Contact Details

What is the relationship between Absa and Barclays? 

Absa went through a significant milestone when British-owned Barclays Bank Barclays PLC bought a 55% stake in Absa, which was then incorporated as Barclays Africa in 2013. Subsequently, Absa was renamed Barclays Africa Group Limited.

Does Barclays still own Absa? 

Today, Barclays PLC still owns a significant share of the bank. Nevertheless, they are no longer in charge as Barclays Africa is now known as Absa Group Limited. However, Barclays PLC still has a 14.88% stake in the company. Public Investment Corporation follows this with a 6.53% stake. Deutsche Securities has a 4.28 stake, Old Mutual Asset Managers (SA) – 3.56%, and BlackRock, Inc. – 3.48%. Such companies as FIL Limited (UK), Prudential Investment (SA), Citigroup Global Markets, The Vanguard Group (US, AU), Schroders Plc each has around 3% stakes while the remaining investors share 51.98%.

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