Absa Bank Zambia Plc

Absa Bank Zambia Plc, formerly Barclays Bank of Zambia, is a commercial bank in Zambia. It is licensed by the Bank of Zambia, the central bank and national banking regulator.[3]

Absa Bank Zambia Plc
Subsidiary of Absa Group Limited
IndustryBanking
FoundedJanuary 1, 1918 (1918-01-01)
HeadquartersLusaka, Zambia
Key people
Chishala Kateka
Chairperson
Mizinga Melu
Managing Director[1]
ProductsLoans, credit cards, savings, investments, mortgages
RevenueZMW:161.2 million (US$16.6 million) (2015)[1]
Total assetsZMW:9.067 billion (US$931.6 million) (2015)[1]
Number of employees
1,204 (2017)[2]
Websitewww.absa.co.zm/personal

Location

The headquarters and main branch of Absa Bank of Zambia are located at 4643 and 4644 Elunda Office Park, Addis Ababa Round About, in the city of Lusaka, Zambia's capital city.[1] The geographical coordinates of the bank's headquarters are: 15°24′49.0″S 28°18′11.0″E[4]

Overview

The bank is a large financial institution in Zambia. The institution serves the banking needs of large corporations, small and medium sized enterprises, individuals and government departments. As of 31 December 2015, the bank's total assets were valued at ZMW:9.067 billion (US$931.6 million), with shareholders' equity of ZMW:930.4 million (US$95.6 million).[5] As of December 2017, the bank employed 1,204 people in Zambia.[2]

History

According to its website, Barclays Bank has been present in Zambia since 1918. However, the bank was licensed in its present form in 1974. The bank is a member of the Absa Group Limited, which was a subsidiary of Barclays Bank Plc., until June 2017, when Barclays Plc decided to sell down its shares in the group.[6] In March 2018, Barclays Africa Group made a decision to re-brand to Absa Group Limited.[7]

Name change

In 2016, Barclays Bank Plc, owned 62.3 percent of Barclays Africa Group (BAG). At that time BAG was the parent company of Barclays Bank of Zambia. Barclays decided to divest its majority shareholding in BAG, worth ₤3.5 billion then.[8] In December 2017, Barclays reduced its shareholding in BAG to 14.9 percent.[9]

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.[10]

In Zambia, the re-brand concluded on 10 February 2020, when both the bank's legal and business names became Absa Bank Zambia Plc.[11]

Branch network

As of May 2020, the bank maintained a network of over 47 branches.[12]

Governance

The Chairperson of the Board of Directors of Barclays Bank Zambia, is Chishala Kateka. Mizinga Melu, serves as the Managing Director of the bank.[1]

See also

References
  1. Barclays Bank Zambia (30 March 2016). "Barclays Bank Zambia: Annual Report for the Year Ended 31 December 2015". Lusaka: Barclays Bank Zambia Limited. Retrieved 30 April 2018.
  2. Barclays Bank Zambia (31 December 2017). "Welcome to Barclays Zambia: Get to Know Us: Key Facts". Lusaka: Barclays Bank Zambia Limited. Retrieved 23 April 2018.
  3. Bank of Zambia (30 April 2018). "Bank of Zambia: List of Licensed Commercial Banks". Lusaka: Bank of Zambia. Retrieved 30 April 2018.
  4. Google (30 April 2018). "Location of the Headquarters of Absa Bank Zambia Limited" (Map). Google Maps. Google. Retrieved 30 April 2018.
  5. Barclays Bank Zambia. "Barclays Bank Zimbabwe Annual Report for the Year Ended 31 December 2015" (PDF). Lusaka: Barclays Bank Zambia Limited. Retrieved 30 April 2018.
  6. Anjuli Davies, and Tiisetso Motsoeneng (1 June 2017). "Barclays makes early African exit with $2.8 billion share sale". Reuters. Retrieved 30 April 2018.
  7. Editor06 (2 March 2018). "Barclays Africa Group Rebrands to Absa Group Limited". Lusaka: Tumufweko.com. Retrieved 30 April 2018.CS1 maint: extra text: authors list (link)
  8. Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 11 February 2020.
  9. Jan Cronje (1 December 2017). "Barclays to further reduce stake in Barclays Africa". Cape Town: Fin24.com. Retrieved 11 February 2020.
  10. Reuters (11 July 2018). "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Retrieved 11 February 2020.
  11. Lusaka Times (10 February 2020). "Barclays Bank Zambia PLC officially becomes Absa Bank Zambia PLC". Lusaka Times. Retrieved 12 February 2020.
  12. "List of Absa branches in Zambia". Absa. Lusaka. March 18, 2020. Retrieved 29 May 2020.

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