Absa Bank Mozambique
 | |
| Company type | Subsidiary of Absa Group Limited |
|---|---|
| Industry | Financial services |
| Headquarters | Rani Towers Maputo, Mozambique |
Key people | Luisa Diogo Chairman[1] Pedro Carvalho Managing Director[2] |
| Products | Loans, checking, savings, investments, debit cards |
| Website | Homepage |
Absa Bank Mozambique, formerly known as Barclays Bank Mozambique, is a commercial bank in Mozambique. It is licensed by the Bank of Mozambique, the central bank and national banking regulator.[3]
Overview[edit]
The bank is a large retail bank that serves the banking needs of individuals, small and medium-sized businesses (SMEs), and large corporations. It is a member of the South African banking conglomerate, Absa Group Limited, whose stock is traded on the Johannesburg Stock Exchange and whose total assets exceeded US$91 billion, as of October 2019.[4]
Branch network[edit]
The bank's headquarters is at Rani Towers, in the central business district of Maputo, the capital and largest city in Mozambique.[1] As of February 2020[update], the bank maintained branches in multiple locations across the country.[5]
Name change[edit]
In 2016, Barclays Bank Plc, which owned 62.3 percent of Barclays Africa Group (BAG), the then parent company of Barclays Bank of Mozambique, decided to divest its majority shareholding in BAG, worth £3.5 billion at that time.[6] In 2017 Barclays reduced its shareholding in BAG to 14.9 percent.[4][7]
Following those events, BAG re-branded to Absa Group Limited in 2018. Under the terms of that re-brand, Absa has until June 2020 to change the names of its subsidiaries in 12 African countries.[8]
Beginning in October 2019, Barclays Bank Mozambique began re-branding to Absa Bank Mozambique.[4][9] The re-brand concluded on 11 November 2019, when both the bank's legal and business names became Absa Bank Mozambique.[10]
Governance[edit]
The bank is governed by a board of directors. The chair of the board is one of the non-executive directors. The current chairperson is Luisa Diogo, a former Prime Minister of Mozambique.[1] The managing director of the bank is Rui Barros.[2]
See also[edit]
References[edit]
- ^ a b c Mozambique News Agency (8 August 2019). "Mozambique: Nyusi Inaugurates New Bank Headquarters" (via AllAfrica.com). Maputo: Mozambique News Agency (Agência de Informação de Moçambique). Retrieved 11 February 2020.
- ^ a b Frank (November 2019). "Absa Bank Moçambique opens first branch in Maputo with new branding". Nairobi: Africa Inc. Magazine. Retrieved 11 February 2020.
- ^ Bank of Mozambique (11 February 2020). "List of Licensed Commercial Banks In Mozambique". Maputo: Bank of Mozambique. Archived from the original on 31 January 2020. Retrieved 11 February 2020.
- ^ a b c Adrian Frey (23 October 2019). "Barclays in Mozambique rebranding as Absa Bank". Maputo: Club of Mozambique. Retrieved 11 February 2020.
- ^ Absa Bank Mozambique (February 2020). "Branches and ATMs of Absa Bank Mozambique". Maputo: Absa Bank Mozambique. Retrieved 1 February 2020.
- ^ Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 11 February 2020.
- ^ Jan Cronje (1 December 2017). "Barclays to further reduce stake in Barclays Africa". Cape Town: Fin24.com. Retrieved 11 February 2020.
- ^ "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Reuters. 11 July 2018. Retrieved 11 February 2020.
- ^ Macauhub (25 October 2019). "Barclays Bank Moçambique is renamed Absa Bank Moçambique". Macau: Macauhub.com. Retrieved 11 February 2020.
- ^ Caroline Muriuki (24 October 2019). "Barclays Re-branding As Absa Bank In Mozambique". Nairobi: The Exchange Africa. Retrieved 11 February 2020.
External links[edit]
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