Airlink February Fares | From R739*  

An independent review of ABSA Bank

(we are in no way affiliated with the bank).

ABSA Bank's logoABSA Bank

ABSA Bank is one of the big five banks in South Africa (the other four are Capitec, Standard Bank, FNB and Nedbank), providing a variety of banking and financial services. ABSA stands for "Amalgamated Banks of South Africa", and is a wholly owned subsidiary of the ABSA Group Limited.

Contact details



Registered office

3rd Floor
Absa Towers East
170 Main Street
Gauteng Province
South Africa

Postal address

P O Box 7735
Gauteng Province
South Africa


0860 008 600

Key Stakeholders

ABSA itself is not listed, but its majority owner, Barclays Africa is publicly listed on the Johannesburg Stock Exchange, the majority owner is Barclays Bank PLC:

Owners of ABSA Group Limited













Allan Gray















Dimensional Fund









At 31 Dec 2016 25% of Barclays Africa's shareholders were based in Africa. 54% in the UK and 12% in North America.

Barclays Bank is domiciled and incorporated in the United Kingdom. Barclays' address registered office is at 1 Churchill Place, Canary Wharf, UK.

ABSA Group Limited owns the following subsidiaries

ABSA Bank Limited is a 100% subsidiary of ABSA Group Limited, within which the following businesses are housed:

Absa Card, Absa Home Loans, Absa Private Bank, Absa Vehicle and Asset Finance, Flexi Banking Services, Retail Banking Service and Small Business.

ABSA Financial Services Limited is a 100% owned subsidiary of ABSA Group Limited, which owns Absa Life Limited and Absa Insurance Company Limited. ABSA Group Limited also owns 80% of Banco Austral, Sarl (Mozambique), 55% of the National Bank of Commerce Limited (Tanzania) and 55% of Banco Commercial Angolano (Angola).

Senior management of ABSA


Group Chief Executive

Danie C Cronjé

Steve F Booysen

Company Secretary

W Somerville
3rd Floor, Absa Towers East
170 Main Street
Gauteng Province
South Africa

Appointments & resignations of directors of the ABSA Group Board



Retirements &

6 Dec 2006

YZ Cuba


23 Oct 2006

FF Seegers


23 Oct 2006


DL Roberts

30 Sep 2006


LW Maasdorp

27 Jul 2005

D Bruynseels ( an employee of Barclays PLC, whose directors' fees are paid to Barclays PLC).


1 Jan 2005

JH Schindehütte


1 Jan 2005


F J du Toit

31 Dec 2004

DE Baloyi


1 Sep 2004

LL von Zeuner


16 Aug 2004

LN Angel


16 Aug 2004

LW Maasdorp


1 Aug 2004

SF Booysen (appointed Chief Executive)


1 Aug 2004


ER Bosman

9 Jul 2004

PT Motsepe


Feb 2004

Rupert Pardoe appointed deputy Group chief executive.


9 Jul 2004


GR Pardoe


Des C Arnold



Tokyo MG Sexwale



N Brigalia Bam



Garth Griffin



FJ (Frans) du Plessis




Marinus Daling


Franklin A Sonn



Dirk Mostert



ER (Nallie) Bosman



P Du P (Paul) Kruger



Louren N Jonker



Peter E I Swartz



Brian P Connellan



Dave C Brink



AS (Attie) du Plessis



Theo van Wyk



Leslie Boyd



Danie C Cronjé



Absa Bank generally revises its charges once a year in January.

History of ABSA Bank

  • 2 Aug 2013. "Barclays Africa Group Limited" trades for the first time on the Johannesburg Stock Echange. ABSA bought up most of Barclays Africa's operations, and then renamed to "Barclays Africa Group Limited".

  • 14 Aug 2008. Absa announces that it is in the process of implementing a CashSend system, to allow customers to electronically send money via internet banking (or an Absa ATM or mobile banking) to a receipient, who can then withdraw the money from an Absa ATM using a ten digit withdrawal number known to both parties.

31 Jul 2008

Absa announces that it has 1 million customers transacting online.

24 Jul 2008

A prepaid debit card is launched. Money can be placed on the card via cash at an ATM or ABSA branch, or internet or cellphone banking. The card can be used at any ATM or shop displaying the VISA Electron sign.

9 Jun 2008

ABSA's Christo Vrey indicates that ABSA has half a million cellphone banking clients.

28 May 2008

ABSA starts offering 10 year fixed bonds to its home loan clients.

May 2008

ABSA and FNB reduce their maximum home loans to 100% of the value of the loan (from 108%).

20 May 2008

Having completed a pilot study, ABSA and 1time airline decide to roll out a plan to providing banking services (except withdrawals and deposits) in the air. 1time provides 2 seats on the plane for banking, and ABSA equipts the banker with a laptop and digital camera. On landing the laptop is synchronised with ABSA's mainframe.

8 May 2008

ABSA sets up a Facebook profile.

May 2008

ABSA Bank launches Absa International Mortgages, which assists South Africans in financing international property purchases by providing access to Barclays International Mortgage Services.

2 May 2008

ABSA Bank gets a provisional licence from the Bank of Namibia to operate a commercial bank in Namibia (there are currently 4 banks licenced in Namibia - Bank Windhoek, First National Bank of Namibia, Nedbank Namibia and Standard Bank Namibia).

25 Apr 2008

Fitch downgrades Barclays' rating to AA. At the same time Fitch downgraded Absa Group Limited and Absa Bank Limited's rating. Barclays' capitalisation is weaker than many of its competitors.

18 Apr 2008

ABSA purchases a 50% + 1 share stake in Woolworths Financial Services (which runs Woolworths' credit card and in-store accounts) for R875m cash. Woolworths has some 1.6 million in-store accounts and 169,000 visa credit cards. The Woolworths credit cards will be migrated from Mercantile to ABSA. South Africa's Woolworths is unrelated to the London-based Woolworths Group Plc.

10 Apr 2008

The South African Reserve Bank increases its repo rate by 0.5% to 11.5%, and ABSA increases its prime lending rate to 15%.

9 Apr 2008

At a dinner at Moyo on Spier Wine Estate to end the Cape Epic, ABSA donates R50,000 to the bmx project.

7 Apr 2008

To assist their clients with safe online banking, ABSA is offering PC-Cillin security software to them for free.

26 Mar 2008
1am to 2am

An ABSA ATM in the Bergsig supermarket in Johannesburg is bombed (nobody is injured and no money is taken).

Mar 2008

Happy Ntshingila is a director at ABSAABSA appoints Happy Ntshingila as director in charge of communications and marketing, reporting to report to the chief executive of Absa Retail Bank, Louis von Zeuner. Born on the 12th December 1960, Ntshingila obtained a Bachelor of Arts degree at Fort Hare, before working for Tiger Oats (manager of public relations), Unilever, Vodacom, IBM (editor), Ogilvy & Mather and and co-founded HerdBuoys Advertising and Marketing.

20 Mar 2008

Meeg Bank logoMeeg Bank's chairperson (Professor Wiseman Nkuhlu) announces that it is to be acquired by ABSA Bank. Meeg Bank is South Africa's only remaining black-owned bank. Under the terms of the deal ABSA increases its holding in Meeg Bank Limited from 49.7% to 74.5% at a cost of R53m for the additional shares. Meeg Bank’s reserve capital stood at some 11% – a single percent above the statutory requirement. ABSA has agreed to offer a 20% premium to the audited value of Meeg's shares at 31 March 2008, for the remainder of Meeg Bank bank. Meeg Bank was established in 1998 from the assets of the now closed Bank of Transkei, and is based in Umtata in the Eastern Cape Province of South Africa.

19 Mar 2008

ABSA is implementing anti-skimming technology on its Self Service Kiosks and fully branded Absa ATMs. The "Jitter" software vibrates the card reader which sends a disrupted signal to illegal skimming devices. The Jitter software will result in the speed at which the bank card are sucked into and ejected from ATMs is a little slower than what is currently the case.

23 Apr 2007

ABSA Group Limited's agm is held in Johannesburg, at the PW Sceales auditorium in the ABSA Towers.

May 2006

ABSA Capital is launched, a combination of Absa Corporate and Merchant Bank and Barclays Capital.

8 Nov 2006

ABSA sells its 34.4% stake in Capricorn Investment Holdings Limited (which owns inter alia Bank Windhoek).

1 Jan 2006

ABSA purchases the South African holdings of Barclays Bank, as part of the strategy that ABSA should take over all the southern african holdings of Barclays.

19 Aug 2005

KPMG resign as joint auditors of ABSA, and PricewaterhouseCoopers (who are auditors to Barclays) are appointed as joint auditors of ABSA.

19 Aug 2005

A resolution is passed to change ABSA's year-end from 31 March to 31 December with effect from 31 December 2005, to bring it in line with its new parent-company - Barclays PLC.

27 Jul 2005

In the largest ever foreign direct investment into South Africa, Barclays Bank PLC acquires a 56.4% stake in the ABSA Group for £2.6bn.

9 May 2005

Barclays announces its offer to purchase a stake of up to 60% in the ABSA Group, at R82,50 per share.

25 Apr 2005

A 50% stake in in Banco Comercial Angolano is acquired.

Feb 2005

The Credit Committee: Large Exposures becomes operations.

Jan 2005

The holding in Sineus Holdings AG is increased to 99.9%.

Sep 2004

An additional 30% of Abvest Holdings (Proprietary) Limited is acquired.

1 Jul 2004

Pursuant to the black economic empowerment and employee transactions to introduce empowerment shareholders in the ABSA Group, 79 237 500 redeemable cumulative option-holding preference shares are issued; 6 085 200 are issued to the Absa Group Limited Employee Share Ownership Programme (Absa ESOP) Trust and 73 152 300 are issued to Batho Bonke Capital (Proprietary) Limited.

1 Jul 2004

Sixty one percent of Sineus Holdings AG is acquired.

1 Jul 2004

ABSA purchases all the shares of Avena LeasePlan (Proprietary) Limited,
with effect from 1 May 2004.

Jun 2004

A BEE transaction is concluded.

Oct 2002

The Deloitte & Touche Human Capital Corporation names ABSA the "best company to work for".

Jan 2002

Banco Austral Mozambique is acquired.

1 Apr 2000

A 51% stake in Unifer is acquired.


Allied Bank, United Bank and Volkskas Bank stop trading under their own names, from this point they all trade under the name "ABSA".


The name of the holding company is changed from "Amalgamated Banks of South Africa Limited" to "Absa Group Limited".

31 Mar 1997

Members joining the ABSA retirement fund on or after 1 April 1997 are entitled to benefits under the defined contribution structure (all members had the option on 31 Mar 1997 to convert to the defined contribution structure, of which the majority did - the reminder are on the defined benefit structure).

1 Apr 1996

ABSA Employees retiring after this date are not eligible for post-retirement medical benefits from the ABSA Group Pension Fund. The post-retirement medical benefit liability of pensioners who retired before 1 April 1996 is funded in the Absa Group Pension Fund.


Bankorp is acquired (which includes Bankfin, Senbank and Trustbank).


Allied Bank, United Bank, Volkskas Bank and parts of the Sage Group merge to formAmalgamated Banks of South Africa.


Danie C Cronje joins Volkskas.


Annual report to 31 Dec 2015

Annual report to 31 Dec 2013 (note that the listed entity was renamed from ABSA to Barclays Africa on 2 Aug 2013)

Annual report to 31 Dec 2006

Annual report to 31 Dec 2005

Annual report to 31 Mar 2004

2015 Investment Cruise

Ritsgids logo