Absa Bank Mozambique

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

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

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

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

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

References

  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.

25°58′28″S 32°34′27″E / 25.97444°S 32.57417°E / -25.97444; 32.57417