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Absa Bank Mozambique

Coordinates: 25°58′28″S 32°34′27″E / 25.97444°S 32.57417°E / -25.97444; 32.57417
From Wikipedia, the free encyclopedia
Absa Bank Mozambique
Company typeSubsidiary of Absa Group Limited
IndustryFinancial services
HeadquartersRani Towers
Maputo, Mozambique
Key people
Victor Gomes
Chairman[1]
Pedro Carvalho
Managing Director[2]
ProductsLoans, checking, savings, investments, debit cards
WebsiteHomepage

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

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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

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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, the bank maintained branches in multiple locations across the country.[5]

Name change

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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

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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 Victor Gomes.[1] The managing director of the bank is Pedro Carvalho.[2]

See also

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References

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  1. ^ 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.
  2. ^ a b Frank (November 2019). "Absa Bank Moçambique opens first branch in Maputo with new branding". Nairobi: Africa Inc. Magazine. Retrieved 11 February 2020.
  3. ^ 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.
  4. ^ a b c Adrian Frey (23 October 2019). "Barclays in Mozambique rebranding as Absa Bank". Maputo: Club of Mozambique. Retrieved 11 February 2020.
  5. ^ Absa Bank Mozambique (February 2020). "Branches and ATMs of Absa Bank Mozambique". Maputo: Absa Bank Mozambique. Retrieved 1 February 2020.
  6. ^ Martin Arnold and 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. ^ Macauhub (25 October 2019). "Barclays Bank Moçambique is renamed Absa Bank Moçambique". Macau: Macauhub.com. Retrieved 11 February 2020.
  10. ^ Caroline Muriuki (24 October 2019). "Barclays Re-branding As Absa Bank In Mozambique". Nairobi: The Exchange Africa. Retrieved 11 February 2020.
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25°58′28″S 32°34′27″E / 25.97444°S 32.57417°E / -25.97444; 32.57417