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Absa Joins Forces with Nelson Mandela Legacy Ride4Hope in Fund-Raising and Education Initiatives

Absa Joins Forces with Nelson Mandela Legacy Ride4Hope in Fund-Raising and Education Initiatives

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Absa, a leading financial services provider in Africa, is once again proud to announce its collaboration with the 2023 Nelson Mandela Legacy Ride4Hope cycling event, which takes place from 20 to 23 September 2023. The primary objective of the event is to raise funds for community development and to spread a message of hope inspired by the late former President Nelson Mandela.

The Nelson Mandela Legacy Ride4Hope is one of many events mandated by the Nelson Mandela Foundation to mark the centenary commemoration of South Africa’s first democratically elected president.

The four-day cycling event covers a total distance of 550 kilometres through the provinces of Gauteng, Free State and KwaZulu-Natal. Thirty Absa participants are joining the ride as part of Absa’s commitment to the initiative. Among the riders are members of Absa’s #SheUntamed community, who promote diversity and inclusion in cycling. #SheUntamed is an Absa initiative for women in cycling.

As part of its contribution to the initiative and aligned to its ambition to be an active force for good, Absa facilitated the extension of education facilities in Soweto, former President Mandela’s home between 1946 and 1962 and the starting point for the cycling event. Isaacson Primary School, one of the beneficiaries of Ride4Hope, was upgraded with the addition of classroom, office and storage facilities.

The journey began today (20 September) at the historic Vilakazi Street in Soweto. Riders will pass through Standerton, Newcastle and Ladysmith before reaching their final destination at the revered Nelson Mandela Capture Site in Howick on 23 September. Riders will contribute to the effort to leave a legacy in the towns visited during the ride, the fourth year of the event.

“This partnership delivers real impact corporate citizenship in the form of community development, education and empowerment,” said Stephen Seaka, Absa Group Managing Executive: Public Sector and Growth Capital Solutions. “This is one of several initiatives created by Absa to drive transformation, diversity and inclusion and it is part of Absa’s ambition to be an active force for good in everything we do.” said Seaka.

 As cyclists embark on the remarkable journey, members of the public and communities are invited to join in celebrating the indomitable spirit of Nelson Mandela, whose legacy continues to inspire hope, unity, and progress.

To find out more about Ride4Hope, visit https://legacyride4hope.com/ or Legacy_ride4hope on Instagram.

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Media release

Absa Extends Cape Epic Title Sponsorship for Three Years

Absa Extends Cape Epic Title Sponsorship for Three Years

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Absa renews its commitment to supporting the world’s premier mountain bike stage race and to growing women participation in cycling.

 Cape Town, 14 September 2023 – Absa, a leading financial services provider in Africa, is pleased to announce the extension of its title sponsorship of the Absa Cape Epic, the world’s premier mountain-bike stage race. The extension solidifies Absa’s long-standing position as the primary sponsor of the iconic event, which has come to be known as one of the world’s toughest mountain-bike races.

The agreement was signed by Absa Group Chief Marketing and Corporate Affairs Officer, Sydney Nhlanhla Mbhele, and Senior Vice President & Managing Director EMEA at The IRONMAN Group, Thomas Veje Olsen, in Cape Town on 14 September, just ahead of the Absa Cape Epic 2024 route launch event on the same day. The agreement secures Absa’s position as title sponsor until 2027. The 20th edition of the Absa Cape Epic is scheduled to take place from 17-24 March 2024.

“We are delighted to extend our sponsorship of this premier event for a further three years,” said Sydney. “Through our near 19-year journey as title sponsor of the Absa Cape Epic, we have witnessed the incredible evolution, growth and success of the event and we are proud to be associated with the Cape Epic. The enduring partnership between Absa, a purpose-led pan-African bank, and Cape Epic is testament to our shared commitment to elevating an iconic sports event while at the same time leveraging our potential to be an active force for good. This partnership delivers real impact among riders, corporate citizenship in the form of community development, education, and women empowerment.”

The eight-day event and preparation months prior to the start have a significant economic impact as local communities and businesses host 1,360 local and international riders, thousands of spectators and event staff along the 700 km route through villages, towns and cities.

“The Absa Cape Epic has become the pinnacle event it is, thanks largely to the backing of Absa,” said Thomas Veje Olsen. “Absa’s commitment and support has not only had a monumental impact on South African mountain biking but more importantly on local communities. We thank Absa for their unwavering commitment and dedication to our event, as well as initiatives like #SheUntamed, which we are immensely proud to be part of.”

The Absa Cape Epic, often referred to as the ‘Untamed African MTB Race’, has gained international acclaim over the years, attracting the world’s top riders and enthusiasts from around the globe. The race presents a unique opportunity for participants to challenge themselves against the breathtaking backdrop of South Africa’s diverse landscapes while promoting community development and sustainable tourism in the region.

As part of Absa’s strategic ambition to be an active force for good in everything it does, Absa has actively promoted women participation in the Absa Cape Epic through its #SheUntamed initiative since 2019. The number of women participating in the race, one of the world’s toughest, has increased from 36 in 2019 to 146 in 2023, in large part due to Absa’s purposeful efforts, alongside Cape Epic.

“Transformation, diversity and inclusion is a core value at Absa and one that we seek to promote throughout our organisation and our sponsorship estate,” said Sydney. “It is inspiring and rewarding to see women participation in this challenging event grow each year.”

Absa’s steadfast support of the Absa Cape Epic demonstrates the organisation’s dedication to fostering a spirit of adventure, camaraderie, and healthy competition among riders. The partnership extends beyond the race, contributing to the growth of mountain biking as a sport and promoting the conservation of South Africa’s natural beauty.

The Absa Cape Epic is not only a showcase of elite athleticism but also a celebration of the human spirit’s indomitable will to conquer new challenges. As Absa looks forward to the future, it aims to continue empowering riders, communities, and volunteers alike, making a lasting impact on the world of mountain biking and the broader South African community.

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Media release

Absa Employees Celebrate Launch of Landmark B-BBEE Transaction

Absa Employees Celebrate Launch of Landmark B-BBEE Transaction

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Absa employees across the continent celebrated the launch of the Group’s landmark Broad-Based Black Economic Empowerment (B-BBEE) transaction on 1 September 2023, underscoring the Group’s commitment to transformation, while enabling employees and communities to participate in the value generated by the Group.

The transaction, one of the largest B-BBEE transactions in recent times, will also include  beneficiaries of the Corporate Social Investment (CSI) Trust, making a meaningful difference in the lives of thousands of people who might not have access to education and employment opportunities.

While black employees in South Africa, as defined in South Africa’s B-BBEE codes, will be the primary beneficiaries, the transaction recognises the contribution by all employees across the Group. Absa employees in South Africa will be awarded free shares while Absa employees in the 14 other countries in which the Group operates will be able to participate in a cash-equivalent programme, subject to local approvals.

“The transaction is the next big step in our journey to building a diverse and inclusive organisation and it demonstrates our commitment to being an active force for good in everything we do,” said Absa Group CEO Arrie Rautenbach, who addressed employees participating in celebration events across the continent today.

The transaction involves 7% of Absa Group’s total shareholding, valued at approximately R11.2 billion.

All of Absa’s approximately 26 000 eligible employees in South Africa will be awarded shares, vesting in five years. Black employees will receive an additional 20% allocation.

A CSI Trust will manage funds flowing from the transaction to benefit black communities in South Africa.

“As a leadership team, we are delighted to deliver the transaction particularly to employees who will be able to participate in the value that they help generate every day,” said Rautenbach.

Absa Group CEO Arrie Rautenbach addresses Absa employees at a Sandton rooftop celebration on Friday, 1 September.
Absa Group CEO Arrie Rautenbach addresses Absa employees at a Sandton rooftop celebration on Friday, 1 September.
Absa B-BBEE Launch 2
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Media release

Absa Purchasing Managers’ Index August 2023

Absa Purchasing Managers’ Index August 2023

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The seasonally adjusted Absa Purchasing Managers’ Index (PMI) improved somewhat in August, rising by 2.4 points to 49.7, i.e., to just below the key 50-point mark. The increase in the headline PMI was driven by the business activity index, which jumped by almost 12 points to 50. This follows a large decline of almost 11 points in July. Although the magnitude of the rise in business activity gives an impression of some strength here, at 50, the index is pointing to flat month-on-month manufacturing output growth in August.

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Exploring the Melodious Struggle of Souls and Consciousness:A captivating solo exhibition by Nigerian artist Raji Bamidele in the Absa Gallery

Exploring the Melodious Struggle of Souls and Consciousness: A captivating solo exhibition by Nigerian artist Raji Bamidele in the Absa Gallery

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The 2019 Absa L’Atelier Ambassador, Raji Bamidele, from Nigeria is taking art enthusiasts on an immersive journey into the profound depths of human existence with his latest solo exhibition at the Absa Gallery, “The Melodious Struggle of Souls and Consciousness”. Through a captivating array of artworks, Bamidele’s exhibition delves into the intricate interplay between the human soul, consciousness, and spirit, offering a thought-provoking exploration of life’s complexities.

Through this exhibition Bamidele draws inspiration from the Yoruba people and their belief system. The Yoruba people, which are a West African ethnic group who mainly inhabit parts of Nigeria, Benin, and Togo, believe that the soul, consciousness, and spirit are intricately interconnected facets of the human experience. Bamidele’s artwork encapsulates the concept that the soul embodies the mind, which reflects the heart, and the heart extends the soul and spirit. This interconnectedness forms the basis for a deeper understanding of oneself and the world.

Raji Bamidele is a self-taught multifaceted artist born in Nigeria. Despite his passion for art, he felt that he had keep his talent a secret throughout his primary school years as art was viewed as a more light-hearted pursuit compared to the other subjects in his school. He later went on to attend secondary school in Lagos, Nigeria, the cultural and artistic hub of the country, it took significant effort to convince his family to accept his chosen path and passion for art, as he spent a significant amount of time honing his skills in his Lagos-based studio.

Bamidele’s multi-disciplinary approach has earned him numerous accolades, including the Centre for Contemporary Art, Lagos Prize at the 2015 Life in My City Art Festival (LIMCAF), where he won the overall best (Lagos Entry). He also won the Best use of Multimedia Award at the 2017 LIMCAF and the French Embassy Young Talents Award (Y.T.A), Prix de la Jeune Creation de L’Ambassade de France, as part of the LIMCAF 2017. In 2019, he was crowned as one of the Ambassadors of the 34th Absa L’Atelier, held during The World Economic Forum (WEF) in Cape Town.

The Melodious Struggle of Souls and Consciousness exhibition invites art enthusiasts to come explore the rhythmic dance of these concepts, offering a unique perspective on how consciousness serves as a conduit for self-realisation. Each piece of art showcases the ethereal harmony between the human form and its mirrored reflection of the spirit, unveiling a vast realm of consciousness.

“I am profoundly grateful to Absa L’Atelier for amplifying the melody of my artistic journey. Just as we each contribute unique notes to life’s grand symphony, this exhibition invites us to harmonise with our own rhythm within the broader composition of existence,” expresses Bamidele.

Through this exhibition, art enthusiasts will witness an indelible mark on the artistic landscape. Dr Paul Bayliss, Senior Specialist Art and Museum Curator at Absa stated, “Raji’s exploration of the intricate relationship between souls and consciousness aligns perfectly with the vision of Absa L’Atelier, which aims to support and promote emerging African artists who push boundaries and challenge perceptions. We are proud to be a part of this exhibition that fosters such thought-provoking artistic discourse.”

Raji, as he is fondly called, has established himself as a prominent contemporary Nigerian artist, whose works have been showcased in various exhibitions both locally and internationally. The Melodious Struggle of Souls and Consciousness is a true testament to Bamidele’s dedication to bridging cultural wisdom with modern artistic expression.

The exhibition will open in the Absa Gallery to the public on Friday, 25 August 2023 and run until 19 October 2023. The Absa Gallery is open weekdays from 08:30 to 16:00 and those that wish to view the exhibition are reminded to bring along identification.

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Absa and Nelson Mandela Legacy Ride4Hope join forces to spread message of hope

Absa and Nelson Mandela Legacy Ride4Hope join forces to spread message of hope

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Absa, a leading financial services provider in Africa, is proud to collaborate with the iconic 2023 Nelson Mandela Legacy Ride4Hope cycling event, scheduled to take place from 20 to 23 September 2023. The event aims to raise funds for charitable causes and spread late, former President Nelson Mandela’s message of hope along the route between Gauteng and KwaZulu-Natal.

The Nelson Mandela Legacy Ride4Hope, initiated in 2018 in collaboration with the Nelson Mandela Foundation, is among several events celebrating South Africa’s first democratically elected president and Nobel laureate – known affectionately as Madiba. Over the years, it has evolved into a powerful emblem of hope and unity. For the 2023 centenary commemoration, Absa renewed its commitment to amplify the event’s impact, making a difference with each pedal stroke.

The 2023 route and cycling kit were unveiled at an event held at the Nelson Mandela Foundation in Houghton, Johannesburg on 17 August 2023. Over the four days of the ride during September, the ride will stop at various towns in Gauteng, the Free State and KwaZulu-Natal, making notable charitable contributions throughout the route to honour Madiba’s legacy and highlight the spirit of partnership.

Spanning 550 km and three provinces, the Ride4Hope champions Madiba’s indomitable human spirit. A total of 85 cyclists, of which 35 will come from the Absa Group – a mix of colleagues, clients and ambassadors – will start their journey on 20 September 2023 from the historic Vilakazi Street in Soweto through Standerton, Newcastle and Ladysmith to the destination of the hallowed grounds of the Nelson Mandela Capture Site in Howick on 23 September 2023.

Tina Venter, Executive: Marketing Operations, Absa Group, said that at the heart of Absa’s involvement is a deep appreciation for the value of partnerships. “This is one of several initiatives created by Absa to drive transformation, diversity and inclusion, and is part of Absa’s ambition to be an active force for good in everything we do,” said Venter. She concluded: “As we celebrate Women’s Month, this year will see more than 50% of the Team Absa contingent comprise inspiring women from our Absa #SheUntamed riding community, infusing the nation with the spirit of Masakhane.”

As a tangible testament to Absa’s dedication, the Group has committed to facilitating construction of a much-needed classroom, an office, and a storage room at the Isaacson Primary School in Soweto. This school reaps the benefits of Legacy Ride4Hope’s remarkable endeavours year after year. These essential facilities will be inaugurated on the morning of 20 September 2023 at the event opening in Soweto, adding to the momentum of positive change.

Embarking on an iconic journey that traverses our rainbow nation, the Ride4Hope will see a vibrant community of riders forging ever-stronger partnerships. Absa extends its best wishes to all participants, encouraging them to embrace the challenge and the rewards that it promises.

To find out more about Ride4Hope, visit https://legacyride4hope.com/ or Legacy_ride4hope on Instagram.

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Media release

Absa Group Reports Resilient 2023 First-Half Earnings, Reflecting Diverse Franchise

Absa Group Reports Resilient 2023 First-Half Earnings, Reflecting Diverse Franchise

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*Salient points

Revenue increased 13% to R52.3 billion

Operating costs increased 10% to R26.1 billion

Cost-to-income ratio improved to 49.8%

Pre-provision profit increased 16% to R26.2 billion

Impairments increased 60% to R8.3 billion

Headline earnings per share increased 3% to 1321.3 cents

Return on equity decreased to 16.7%

Group CET 1 ratio flat at 13%

Dividend per share increased 5% to 685 cents

*Note: Normalised values are shown (stripping out the effect of the separation from Barclays PLC)

Absa Group reported resilient results in an increasingly challenging operating environment during the first half of 2023. With the right strategy in place, an experienced and diverse leadership team, a strong balance sheet and consistent execution, Absa remains positioned for growth.

Headline earnings increased 2% to R11.2 billion from a high base a year earlier, as strong revenue growth of 16% offset 60% higher credit impairments.

The Group’s well-diversified franchise helped mitigate the earnings impact of the increasing strain on consumers in South Africa, which is Absa’s largest market. Headline earnings in South Africa declined 17%, given elevated credit impairments, while earnings for regions outside of South Africa, collectively known as Africa regions, almost doubled.

Arrie Rautenbach
Arrie Rautenbach

“Our deliberate diversification strategy stood us in good stead in the first half of 2023, given weaker economic conditions and significant pressure on consumers in South Africa,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “We will further diversify going forward by deploying resources and capital into attractive growth prospects on the continent which provides a natural performance hedge for the group, while continuing to invest in South Africa.”

The Group’s underlying performance during the period is reflected by 16% higher pre-provision profit, which is profit before setting aside money for bad debts, tax and other items.

“We are executing consistently against our strategic focus areas, as we strive to become a leading Pan-African bank. This is evident in the continued progress we have made against key targets," said Rautenbach.

“We are particularly pleased with our return on equity of 16.7% and with our cost-to-income ratio improving further to 49.8%, driven by solid revenue growth,” said Jason Quinn, Absa Group Financial Director. “We remain well capitalised to fund growth opportunities,” he said.

Absa continued to grow as a primary partner, with a focus on building its transactional business through investments across its businesses, notably in Private & Wealth, Youth propositions, Bancassurance and Business Banking during the period.

“We are seeing tangible progress in becoming the primary partner for our customers, which is shown by improved client experience, accelerated customer growth and solid deposit growth,” said Rautenbach.

Customer numbers grew 4% to 11.8 million, while customer deposits increased 11% to R1.2 trillion. New-to-bank retail transactional account sales increased by 23% in South Africa, with active customers in Absa Regional Operations (ARO) up 16%.

Absa continued to invest heavily in technology and its digital journey yielded value across the franchise, with the Group’s digital customer base growing across retail and corporate segments. Digitally active customers increased 10% to 3.5 million.

The effects of slower economic growth, increased interest rates and consumer strain were evident in the performance of the Group’s retail businesses in South Africa.

Product Solutions Cluster (SA home loans, vehicle financing, insurance, investment, advisory services)

Headline earnings declined 13% as credit impairments increased, reflecting significantly higher interest rates and weak economic growth that put consumers under strain.  Demand in the home loans market slowed, with application volumes decreasing across the industry, reflecting the subdued property market, while vehicle sales displayed resilience.

Pre-provision profit growth remained strong, as the insurance business performed well, given lower mortality claims, improved investment returns and solid net premium income growth.

Everyday Banking (day-to-day banking products and services in SA such as credit card, payments and personal loans)

Headline earnings decreased 21% due to elevated credit impairments, which was largely due to the adverse economic climate and the impact on customers’ disposable income. Pleasingly, the customer base grew 2%, given strong growth momentum in the young adult and entry level segments.

A focus on enhancing customer experience has improved customer experience scores every year since 2019. In 2023, the score increased by a further 8 percentage points through enhanced propositions and pricing that offer customers better value for money. The franchise provided a further R250 million in value to primary banked customers through pricing reductions while addressing historic customer pain points, bringing the cumulative relief since 2020 to R750 million. Key among these was making the Absa Rewards programme free from January 2023, enabling broader customer engagement through this platform, and allowing customers to enjoy cashback rewards on everyday spending. The number of Rewards members grew 26%, with members earning over R400 million in value during the reporting period. The programme has proven to be effective in driving primacy.

Relationship Banking (services wealth and private clients and SMEs in SA)

Headline earnings decreased by 9% as credit impairments doubled off a low base, due to the difficult macroeconomic environment that impacted customers including small and medium-sized enterprises (SMEs).

Absa continuously improved its SME proposition during the period, expanding the distribution network, tailoring customer value propositions and improving ease of doing business.

Relationship Banking made progress on its ESG agenda. As at 30 June 2023, it had financed over R1.3 billion in renewable power. A green asset finance solution was also launched, offering financing of solar installations, including batteries to keep businesses productive. Included in this offering, SME customers who have financed their property with Absa qualify for a grant equivalent to 10% of installation costs (up to a maximum of R50 000).

Absa Regional Operations - Retail and Business Banking (retail, business banking and insurance products and services for individuals, small to medium enterprises and commercial customers across the region.)

Headline earnings increased by 84%, given strong revenue growth. The improved performance was supported by a range of digital advances including the launch of a digital onboarding capability - a quick and efficient, channel-agnostic onboarding solution, which provides an enhanced customer experience in six ARO markets. MobiTap, a first-to-market innovation, now allows merchants and SMEs to use their smartphones in place of traditional point-of-sale devices to process contactless card transactions in three markets.

Mobile lending for previously under-banked and unbanked customers continued to accelerate, with disbursements increasing by 44% to R3.6 billion, in line with our strategy to improve financial inclusion.

Corporate and Investment Banking (SA and ARO corporate and investment banking)

CIB grew headline earnings 32%, increasing its contribution to more than half of Absa Group’s headline earnings.

Several achievements underpinned CIB’s performance, including strong new client acquisition in priority and growth sectors in South Africa and ARO. CIB continued to drive its commitment to being an African leader in ESG insights, products and advice. Since 2021, it has arranged R61 billion in sustainable finance deals and is on track to meet its commitment to arrange R100 billion by 2025.

An Active Force for Good

Absa advanced its ESG agenda during the half, announcing its long-term ambition to reach a Net Zero position by 2050 for scope 1, 2, and 3 emissions.

Absa’s leading position in renewable finance in South Africa continued.  It has participated in 53% of Renewable Energy Independent Power Producer Programme projects, with a combined capacity of more than 4.3 Gigawatts to date.

The group’s ambition to become a leader in sustainable financing was bolstered by an agreement with the International Finance Corporation (IFC) to promote green building finance through a R4.5 billion loan. The agreement builds on the work with the IFC in 2022, when it provided a loan of up to R2 billion to fund affordable housing in South Africa.

Absa continued to invest in communities, allocating more than R180 million to support education and youth employability, strategic engagement initiatives as well as corporate community support, to enable inclusive sustainable economic growth in Africa. More than 37 900 individuals benefited from financial education literacy and tools for long-term financial health and 121 students participated in the Absa Fellowship programme, aimed at supporting the development of future leaders in Africa, among other initiatives.

Communities will also benefit from the launch of one of the largest broad-based black economic empowerment transactions in recent times. The transaction sets aside 7% of Absa Group shares for the benefit of staff and communities in South Africa, underscoring our commitment to transformation. Staff outside of South Africa will be able to participate in a cash-equivalent scheme, pending local approvals.

Absa’s continued resilience in a tough environment is also the result of the significant progress in building positive momentum in enhancing corporate purpose, culture and values. Absa reached a milestone in February when work that commenced in 2022 culminated in a new purpose statement that underpins Absa’s strategy and values as an organisation. The new statement “Empowering Africa’s tomorrow, together… one story at a time” is being entrenched across the group and will ultimately drive enhanced customer service.

Outlook

The economic environment remains uncertain. Geopolitical concerns, particularly surrounding the Russia-Ukraine conflict and rising tension between the West and China, appear likely to impact the outlook for some time.

Absa expects real GDP growth of 0.7% in South Africa, where electricity supply remains a significant risk for the economy for the foreseeable future. It expects GDP-weighted economic growth in ARO countries to slow to 4.3% in 2023.

Based on these assumptions, and excluding further major unforeseen political, macroeconomic or regulatory developments, Absa expects high single-digit revenue growth in 2023, driving high single-digit growth in pre-provision profit, while its credit loss ratio will likely improve substantially in the second half.

Absa’s strong balance sheet and liquidity, together with the value of its diversified franchise, position the Group well to deliver on its strategy over the medium-term.

Click here to watch Absa Group 2023 first-half highlights

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Our Voices

Empowering women

Empowering women

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We’re committed to continually driving positive societal change by investing in women.

As a purpose-driven organisation, we’re committed to being an active force for good in everything that we do. Empowering women is one area where we have focused our efforts. We believe that empowering women is not just an economic imperative, but also a vital social cause that deserves our wholehearted support. To that end, we have implemented a deliberate approach to advancing women within our organisation.

  • We’re proud of our consistent prioritisation of women’s advancement through appointments and promotions.
  • Our Women Manifesto reflects our commitment to gender inclusivity and providing equal opportunities for women throughout their careers. By empowering women within our organisation, we create an environment where they can thrive and succeed.
  • Our IgniteHer Women’s Development Programme won gold in the Best Advancement in Leadership Development for Women category at the 2022 Brandon Hall Group Human Capital Management Excellence Awards.
  • We were recognised by Forbes as one of the World’s Top Female-friendly Companies for 2022. We ranked among the top 40 companies worldwide in championing gender equality and creating an inclusive work environment.
  • In addition to our internal initiatives, we provide substantial funding to women-owned businesses through our lending practices. We understand the significant role women play in our communities and the importance of enabling their economic and social empowerment. In 2022, we allocated over R6.9 billion to support women-owned businesses, helping to accelerate their progress and success.
  • We won the Sustainability and Social Investment Awards 2022 for the best company promoting STEM education, together with two additional awards, of which one was for our women empowerment drive.
  • We entered a five-year partnership with the Mastercard Foundation in Ghana to create the Absa Young Africa Works, aimed at enabling young people, particularly young women, to access work in investing in SMMEs.
  • In the sport of mountain biking, we are committed to growing the #SheUntamed initiative, a programme designed to improve women’s access to this sport through increased participation of women in the Team Absa line-up.
  • We’ve also worked with the United Nations Women to fast-track the implementation of the presidential pronouncement to increase access to public procurement for women-owned businesses and women from designated groups to a minimum of 40%. Women-owned enterprises involved realised a 166% increase in revenue, from R2.1 million to R5.5 million. This also led to growth in jobs created, from 58 to 121.

We firmly believe that empowering women is not only the right thing to do, but it also drives positive change in society. We remain committed to advancing gender equality, both internally and externally, and will continue to champion the empowerment of women in every aspect of our work.

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Absa #SheUntamed Celebrates Three Wins At The 2023 Prism Awards

Absa #SheUntamed Celebrates Three Wins At The 2023 Prism Awards

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Absa and their sponsorship agency, Playmakers Sponsorship and Marketing, walked away with three awards at the prestigious 2023 Prism Awards, Africa’s most sought-after public relations and communication awards, which took place in Johannesburg on Saturday, 29 July 2023.

The dynamic partnership between Absa and Playmakers proved to be an exceptional force, garnering recognition in multiple categories for #SheUntamed, an Absa initiative for women in cycling:

  • Gold – Best PR Campaign for a Sponsorship
  • Silver – Best PR Campaign for Sport
  • Silver – Best Use of Video Communication within a PR Campaign

The Best PR Campaign for Sponsorship saw Absa present #SheUntamed, an initiative by Absa, a purpose-led bank, to improve women’s access to mountain biking, particularly to the Absa Cape Epic. #SheUntamed was developed in 2020, aiming to inspire more women to bring their possibilities to life by taking up the sport and ultimately completing the Absa Cape Epic. To add to this accolade, Absa #SheUntamed also took home two silver awards, including Best PR Campaign for Sport and Best Use of Video Communication within a PR Campaign.

To inspire women riders, Playmakers collaborated with Future Play, a production company that is part of the Playmakers Group, to produce Absa #SheUntamed No Lanes, a docuseries celebrating the untamed spirit of women who are passionate about mountain biking.

Seishane Leshaba, Playmakers Group Managing Partner, said, ”From a PR perspective, we had a powerful story to tell, and the goal of inspiring future women mountain bikers through the journey of our incredible #SheUntamed riders and coaches. This campaign demonstrates that sponsorship as a medium has the power to integrate with corporate social responsibility (CSR) and produce meaningful work for our clients and those impacted by their programmes and the communities in which they operate. We thank our valued client, Absa, who constantly challenges us to push boundaries in all our work.”

Tina Venter, Executive: Marketing Operations, Absa Group, said, “We are happy to have been recognised at these prestigious public relations awards. #SheUntamed has proved that our sponsorship of the Absa Cape Epic is more than just a sponsorship. This is one of several initiatives created by Absa to drive transformation, diversity and inclusion and, in turn, is part of Absa’s ambition to be an active force for good in everything that we do, and we are thrilled that our efforts in doing so are recognised.

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The PRISMs are awarded to, among others, individuals, students, companies and government organisations that have successfully fused strategy with creativity and professionalism to achieve the best communications and business objectives in their public relations campaigns.

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Absa Purchasing Managers’ Index July 2023

Absa Purchasing Managers' Index July 2023

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After what looks to have been a decent second quarter, at least in terms of quarterly growth momentum, the manufacturing sector had a setback at the start of the third quarter. This is the message from the latest seasonally adjusted Absa Purchasing Managers’ Index (PMI). Although the headline index was only marginally lower in July at 47.3 index points (47.6 in June), this stability masks substantial changes in some of the major PMI subcomponents.