Absa Group has appointed former deputy governer of the SA Reserve Bank Daniel Mminele as Group Chief Executive, effective from 15 January 2020.
Barclays is increasing the size of the stake it’s selling in its South African unit to raise about $2.9 billion, as part of a plan to shrink operations and bolster capital.
The speculation around parent company Barclays completely pulling out of its African operations had local investors on edge.
Barclays Plc is poised to lose around £400m of the £3.8bn capital it invested over the past decade into South Africa’s leading retail bank, Absa.
An update on the Curatorship and restructuring of African Bank as well as a further cautionary announcement has been released via the SENS.
The timing was most unfortunate. Not just for us on Power Lunch, but for the ABSA Group itself. Key point of the SA bank’s results for the half year to end June, was the declaration of a Special Dividend that will distribute R5bn to shareholders. With another R2.5bn payment declared through the 11% higher interim dividend (more … Read more
I’ll always have a soft spot for ABSA. In 1994, the bank took on an impoverished working journalist, gave him a properly paid  job, lots of responsibility (on the Exco as a Group GM) and a chunk of share options. What happened in the next two and a half years transformed my career. My boss, … Read more
UPDATE NOVEMBER 2012: At the time this article was written, Absa’s share price had dropped in a week from R157 to R135. The setback wasn’t temporary. In five months since the price has remained at the lower level, marking time. At the end of August, Absa’s parent Barclays appointed Antony Jenkins as its new CEO. He has spent his first few months grappling with a group-wide review of Barclays, focusing on how to change its culture and strategy.