Profile of Absa Group Limited

Profile of Absa Group Limited

Absa Group Limited is a leading financial services group based in Johannesburg, South Africa, with a strong presence across the African continent. Known for its extensive banking services, Absa aims to empower communities, uplift employees, and help clients achieve their financial ambitions. With operations in various countries across Africa, the group prides itself on being a globally respected organization with deep African roots and a commitment to serving the continent.

The governance structure of Absa Group is guided by the Memorandum of Incorporation (MOI), which aligns with the Companies Act of 2008 in South Africa. This document defines the rights, duties, and responsibilities of the group’s shareholders, directors, and other stakeholders. The group’s governance framework is built upon various regulatory requirements, including the Companies Act, the Banks Act No. 94 of 1990, the Financial Sector Regulations Act No. 9 of 2017, and the King IV Report on Corporate Governance for South Africa, 2016. The MOI also recognizes relevant regulations and codes in other countries where Absa operates outside of South Africa.

Board Charter and Corporate Governance

Absa’s Board Charter serves as a key document that outlines how governance principles are implemented within the organization. It defines the roles and responsibilities of the Group Chairman and Group Chief Executive, as well as the mandates of the Board and its committees. Some key aspects of the Board Charter include:

• A formal process for the appointment, induction, and training of directors.
• Clear guidelines on director independence, requiring non-executive directors to confirm their independence, capacity, and fitness annually.
• Detailed protocols for addressing conflicts of interest, including disclosure requirements.
• A structured methodology for assessing the performance of the Board and its Committees.
• Procedures for implementing the corporate governance provisions in line with King IV, the Companies Act, and the Banks Act, including relevant directives from the South African Reserve Bank.

The Board Charter is complemented by the Group Governance Framework and the Engagement Protocols Document, which guide interactions between directors and executives. Additionally, a fit and proper policy ensures that directors maintain the necessary qualifications throughout their tenure.

A Pan-African Presence

As a prominent player in the African banking sector, Absa Group Limited has a widespread presence across the continent, including in countries like Botswana, Zambia, Namibia, Seychelles, Mauritius, Kenya, Ghana, Tanzania, Mozambique, Nigeria, and Uganda. In these markets, Absa offers a wide range of services, including:

• Business Banking: Solutions tailored to meet the needs of small and medium enterprises.
• Corporate and Investment Banking: Services that support larger businesses with financing and investment strategies.
• Personal Banking: Products such as savings accounts, personal loans, and credit cards.
• Insurance and Wealth Management: Services that help clients manage risk and grow their financial portfolios.

In South Africa, the group’s home market, Absa provides comprehensive banking and financial services to individuals, businesses, and large corporations.

Absa’s Commitment to Africa

Absa Group is driven by a vision to be a globally respected financial institution that Africa can be proud of. The group is dedicated to fostering economic growth on the continent through community development, investing in local talent, and empowering its clients. Absa’s focus on a pan-African approach reflects its belief in the potential of the region and its desire to contribute positively to the socio-economic development of the communities it serves.

Contact Information

For more information or inquiries, you can reach Absa Group Limited at their head office:

• Location: 7th Floor, Absa Towers West, 15 Troye Street, Johannesburg, 2001, South Africa
• Postal Address: PO Box 7735, Johannesburg, 2000, South Africa
• Telephone: +27 (0) 11 350 4000

Absa Group Limited stands as a beacon of financial strength and stability in Africa, with a commitment to maintaining robust governance standards. The group’s comprehensive banking services and dedication to uplifting African communities have positioned it as a trusted financial partner across the continent. Absa continues to build on its legacy of excellence, striving to enable the success of individuals, businesses, and communities throughout Africa.

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