Information AboutAbsa |
| CATEGORIES ABOUT ABSA GROUP LIMITED | |
| banks of south africa | |
| barclays group | |
| companies established in 1991 | |
| SHOPPER'S DELIGHT | |
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HISTORY Amalgamated Banks of South Africa was formed in 1991 through the merger of the United, Allied and Volkskas Groups. This was followed in 1992 by acquisition of the Bankorp Group (which included TrustBank and Bankfin). The banks each traded under their own names until 1998, when the United, Volkskas, Allied and TrustBank brands were merged into a single brand in 1998. The name was changed to '''Absa Group Limited''' in 1997. In 2005 Barclays Bank of the United Kingdom purchased a 56.4% stake in Absa, which represents the largest foreign direct investment in the country. ORGANISATION Absa Group Limited is structured into a number of divisions which provide various services:
In addition to these, Absa has other subsidiaries operating throughout various parts of Africa (through majority shareholdings in Angola, Mozambique and Tanzania and minority shareholdings in Namibia and Zimbabwe), as well as other interests in the banking and Property sectors. At the beginning of 2006, Absa took over Barclays' South African subsidiary. In the next five years. Absa and Barclays plan for Absa to take over all of Barclays' African operations (except Egypt) through a series of acquisitions, which could make ABSA-Barclays the largest bank in Africa. SPONSORSHIP Absa is a sponsor of many activities in South Africa, the most recognized of which is the Absa Currie Cup , the domestic Rugby tournament held annually. In the beginning of 2005, Absa sponsored the A1 Grand Prix of Nations in Durban, South Africa. EXTERNAL LINK |