Absa Bank - About Absa

The Absa Group Limited (Absa), listed on the JSE Limited, is one of South Africa’s largest financial services groups offering a complete range of banking, assurance and wealth management products and services. Absa's business is conducted primarily in South Africa. It also has equity holdings in banks in Mozambique and Tanzania and representative offices in Namibia and Nigeria.

At 31 December 2010, the Group had 718,2 million shares in issue and a market capitalisation of R100,5 billion. The Group had assets of R716,5 billion, 11,8 million customers, 8 963 automated teller machines and 36 770 permanent employees.

Absa is a subsidiary of Barclays Bank PLC, which holds a stake of 55,5% in the Group.

Barclays is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the USA, Africa and Asia.

Origin

1991	Formation of Amalgamated Banks of South Africa Limited (Absa) through the merger of UBS Holdings, the Allied and Volkskas Groups, and certain interests of the Sage Group.
1992	Absa acquires the entire shareholding of the Bankorp Group (which included TrustBank, Senbank and Bankfin), thereby extending its asset base even further.
1997	The name of the holding company, Amalgamated Banks of South Africa Limited is changed to Absa Group Limited, consisting of three main operating divisions.
1998	The United, Volkskas, Allied and TrustBank brands are consolidated into a single brand, and Absa adopts a new corporate identity.
2005	Barclays acquires a majority stake in Absa as part of its drive to expand its global product and international retail and commercial banking businesses in markets outside the UK.