Absa Bank Ghana Limited

Absa Bank Ghana Limited (ABGL), formerly known as Barclays Bank of Ghana Limited, is a commercial bank in Ghana, licensed by the Bank of Ghana, the country's central bank and national banking regulator.[3] ABGL is a subsidiary of Absa Group Limited, a financial services conglomerate, headquartered in South Africa, with subsidiaries in 12 African countries and with assets in excess of US$87 billion as of 30 June 2017.[4] Absa Group's shares trade on the Johannesburg Stock Exchange under the symbol ABG.[5]

Absa Bank Ghana Limited
Subsidiary of Absa Group Limited
IndustryFinancial services
Founded1917 (1917)
HeadquartersAbsa House, J.E. Atta-Mills High Street, Accra, Ghana
Key people
Charles Alexander Cofie
Chairman[1]
Abena Osei-Poku
Managing Director and CEO[2]
ProductsLoans, checking, savings, mortgages, debit and credit cards, wealth management, investments, etc.
Total assetsGHS:8.994 billion (US$1,578 billion) (2018)
Websitewww.absa.com.gh

Location

The headquarters of the bank are located at Absa House, J.E. Atta-Mills High Street, in the central business district of Accra, the capital of Ghana.[3]

Overview

Absa Bank Ghana is a large financial services company, serving corporate clients, high networth individuals, retail customers and small and medium enterprises. As of 31 December 2018, the bank had assets of GHS:8,994,562,000 (US$1.578 billion), with shareholders' equity of GHS:1,337,473,000 (US$235 million).[6]

History

According to the archives of Barclays Bank Ghana, Colonial Bank opened shop in what was then known as the Gold Coast in 1917. In 1925, Anglo-Egyptian Bank, Colonial Bank and National Bank of South Africa were merged to form Barclays Bank (Dominion, Colonial and Overseas). In 1975, the Government of Ghana acquired 40 percent shareholding in Barclays Bank of Ghana. That stake was returned in 2003. In 2013, the bank became a member of Barclays Africa Group, with Barclays Plc holding a controlling 62.3 percent majority ownership.[7]

Name change

In 2016, Barclays Bank Plc, which owned 62.3 percent of Barclays Africa Group (BAG), the then majority shareholder of Barclays Bank of Ghana Limited, decided to divest its majority shareholding in BAG, worth ₤3.5 billion at that time. In 2017 Barclays reduced its shareholding in BAG to 14.9 percent.[8]

Following that, in 2018 BAG re-branded to Absa Group Limited. Under the terms of that re-brand, Absa had until June 2020 to change the names of its subsidiaries in 12 African countries.[9]

In Ghana, the re-brand concluded on 10 February 2020, when both the bank's legal and business names became Absa Bank Ghana Limited.[10]

Automated teller machines

As of May 2020 the bank had over 160 automated teller machines (ATMs). Of these, at least 110 are intelligent ATMS (iATMs), capable of accepting deposits, withdrawals without an ATM card and money transfers between customer accounts at Absa. Daily money withdrawal maximums have also been increased.[11]

Governance

The bank is supervised by a board of directors, chaired by Charles A. Cofie, one of the non-executive directors.[1] The managing director and CEO is Abena Osei-Poku.[2]

See also
  • List of banks in Ghana

References
  1. Ghanaian Times (8 August 2018). "Ghana: Absa Group's Income Hits U.S.$2.3 Billion". Ghanaian Times via AllAfrica.com. Accra. Retrieved 26 March 2020.
  2. The Finder Online (20 March 2020). "'Absa Bank Ghana committed to women economic empowerment'". Accra: The Finder Online. Retrieved 26 March 2020.
  3. Bank of Ghana (March 2020). "List of Registered Commercial Banks in Ghana". Accra: Bank of Ghana. Retrieved 26 March 2020.
  4. Relbanks.com (July 2017). "Profile of Barclays Africa Group (now Absa Group Limited)". Relbanks.com. Retrieved 26 March 2020.
  5. Moneyweb (25 March 2020). "Financial overview of the JSE listed company Absa Group Ltd. (ABG)". Johannesburg: Moneyweb South Africa. Retrieved 26 March 2020.
  6. Absa Bank Ghana Limited (31 December 2018). "Barclays Bank of Ghana Limited: Audited Condensed Financial Statements as of 31 December 2018" (PDF). Accra: Absa Bank Ghana Limited. Retrieved 26 March 2020.
  7. Barclays Plc (2020). "History of Barclays Bank Ghana Limited". London: Barclays Bank Archives. Retrieved 26 March 2020.
  8. Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 26 March 2020.
  9. Reuters (11 July 2018). "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Retrieved 26 March 2020.
  10. Berlinda Entsie (10 February 2020). "Barclays Bank Ghana officially moves to become Absa Bank Ghana Limited". Accra: Pulse.com. Retrieved 26 March 2020.
  11. Ghanaian Times (22 May 2020). "Absa Bank Ghana deploys 50 new iATMs". Ghanaian Times. Accra. Retrieved 23 May 2020.


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