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Absa Group Announces Net Zero Targets As Part Of Broader Sustainability/Sustainable Finance Goals

Absa Group Announces Net Zero Targets As Part Of Broader Sustainability/Sustainable Finance Goals

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Absa’s leading role in sustainable financing supports move towards zero emissions as the Group makes significant strides in meeting renewable energy loan targets.

Johannesburg, 24 March 2023: Absa Group, Africa’s largest funder of renewables, announced today its long-term ambition to reach Net Zero state by 2050 for scope 1, 2, and 3 emissions. Supporting a transition to a low carbon economy is underpinned by the Group’s aspirations to be an active force for good in everything we do, prioritising business activities that have the most positive environmental, social, and economic impact, while mitigating negative impacts.  

“While we recognise Africa’s particular vulnerability to climate change, our approach to Net Zero also takes cognisance of the development needs of Africa’s people,” said Punki Modise, Absa Group Chief Strategy and Sustainability Officer.  

“Our Net Zero declaration underpins our belief in and support for a Just Transition.  The transition to a resilient and sustainable economy must be inclusive and equitable for communities, investors, and industries and leave no one behind. We are committed to mobilising the resources necessary for supporting our clients’ energy transition, thereby reducing their carbon emissions and, ultimately, those of the countries in which we operate,” she said. Our commitment to entrench environmental, social and governance (ESG) principles throughout our business underpins this support, as we believe that ESG is vital for delivering real long-term value and our purpose of empowering Africa’s tomorrow, together …one story at a time. 

Operational Emissions 

Absa Group recognises its contribution to a sustainable future and the extent to which its business needs to reflect that in the operating choices that it makes. As such, the Group continues its journey towards a group-wide target to reduce operational emissions by 51.0% from 2018 levels by 2030. The Group is on track with this target and has achieved an overall reduction of 21.3% to date. The Group commits to setting near and long-term scope 1 and 2 targets and having these targets validated by the Science-based Targets initiative (SBTi).

Sectoral Targets on Financed Emissions 

Coal: We support diversifying electricity and energy supply, and we strive for a balanced energy mix, supporting clients through the energy transition. Funding of the sector will be in line with the Group’s Coal Financing Standard, which provides a framework for addressing Absa Group’s sustainability risks and disclosures. Coal credit exposure as a percentage of the Group loans and advances to customers (including off-balance sheet items) was 0.04% in 2022. We expect to reduce the coal credit exposure limits from 0.20% in 2023 (2022: 0.20%) to 0.11% in 2030, with further reductions to 0.06% in 2040 and 0.03% in 2050.  

Oil and Gas: Our credit exposure limits to the oil sector are expected to peak at 1.41% of Group loans and advances to customers (including off-balance sheet items) in 2023 (2022: 1.03%). Thereafter, we target a significant reduction to 0.46% in 2030, 0.22% in 2040 and 0.04% in 2050. As we consider gas a transition fuel, the trajectory of our lending targets differs from oil and coal. Our gas sector Group loans and advances to customers (including off-balance sheet items) are expected to exceed oil by 2027. We expect our total credit exposure limits to the gas sector to increase to 0.60% in 2023 (2022: 0.51%) and to peak at 0.83% in 2030. Thereafter, we target a material reduction to 0.52% in 2040 and 0.32% by 2050.  

Wind and Solar Energy: Absa Group celebrates being the first bank in South Africa to announce its plan to mobilise a cumulative R100 billion of sustainable finance by the end of 2025. Our Relationship Banking unit in South Africa aims to finance R2.5 billion of embedded renewable power by 2025. The Group expects to grow its renewable energy lending at a compound annual growth rate of 26% by 2025, doubling the lending commitment over the period.  

In addition, the Group, through its Vehicle and Asset Finance division, commits to support the adoption of New Energy Vehicles (NEV), taking into account the charging and other infrastructure needs for both in-home and on-the-road usage. 

Our Progress to date in Financing the Low-Carbon Energy Transition 

Absa Group has made significant strides in delivering against its sustainability agenda and cemented its position as Africa’s leading bank in renewable energy financing. The Group issued its first green bond (Africa’s first certified green loan), published its Sustainable Financing Issuance Framework, and closed a $400 million sustainability-linked term loan facility. 

The Group invested in the African Rainbow Energy platform with an initial cash investment of R500 million and by transferring R5 billion of its existing renewable energy assets. This investment aligns with the Group's commitment to renewable energy and the green economy, and it brings expertise in renewable energy financing, thus creating South Africa’s largest, black-owned, renewable energy fund. 

Additionally, the Group has delivered a landmark transaction with Harmony Gold Mining Company Limited which it believes will be a blueprint for other sustainable finance transactions over the course of 2023 and beyond. This R10.4 billion transaction was the largest sustainability-linked transaction in the sector in 2022 and incentivised Harmony Gold Mining Company Limited to reduce its overall carbon footprint by setting targets for greenhouse gas emissions, renewable energy consumption, and water usage. 

At the end of 2022, Absa Relationship Banking in South Africa had financed over R1 billion in SME embedded renewable power generation capacity. It also acted as sole sustainability coordinator in the first sustainability-linked transaction in the paper and pulp industry for Sappi and enabled the evolution of Teraco’s energy usage towards renewable sources by arranging a R1.5 billion green loan.  

Absa Group endeavours to ensure that its financing does not harm vulnerable communities and that they have access to affordable renewable energy. Consequently, the Group applies enhanced due diligence when considering the environmental and social impacts of projects, ensuring that it adheres to best practices. 

Reporting and Disclosures 

Absa Group aims to lead the financial services sector in moving away from a reactive and compliance-based approach to sustainable financing, reporting, and disclosures and instead consolidating a strategy-driven approach to unlocking the social impact, climate resilience, and enterprise shared-value opportunities presented by our sustainability and Net Zero commitments.  

As a founding signatory to the UN Environment Programme Finance Initiative’s Principles for Responsible Banking (PRB), as well as a signatory to the UN Global Compact, Absa’s Net Zero strategy is aligned with the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreement. The Group plans to maintain its sustainability reporting and disclosures in addition to the prescribed King IV Integrated Report, while ensuring that it incorporates the latest standards and best practices as the need for greater transparency grows. Currently, the following reports are provided:  

  1. Environmental Social and Governance  
  2. Task Force on Climate-Related Financial Disclosures  
  3. Principles for Responsible Banking   

Absa Group Environmental, Social and Governance (ESG) 

“In the past year, we’ve made significant progress in the area of sustainability, which is an integral part of our commitment to being an active force for good in everything we do. This commitment has also seen us accelerating the embedment of environment, social and governance across our business,” said Absa Group CEO Arrie Rautenbach. 

Due to the severe load shedding situation in South Africa, our Group has taken the initiative to assist our clients during this trying time. We are working closely with them to discover inventive approaches that can reduce energy usage, improve productivity, and support the reduction of greenhouse gas emission. Our objective is to aid our clients in reducing the impact of load shedding on their day-to-day activities and operations while simultaneously aiding the worldwide mission of mitigating climate change.  

We are pleased with the latest tax incentives introduced by South African Minister of Finance Enoch Godongwana, which promote the adoption of renewable energy sources by both households and businesses. This has the potential to increase renewable energy production and alleviate the energy crisis. 

We support a Just Transition that addresses Africa’s energy poverty, and we have prioritised the promotion of sustainable and inclusive economic growth, employment, and decent work for all. Several of the countries in which we operate rely on oil and gas sectors for their socioeconomic development. Our objective, therefore, is to aid customers and communities in achieving sustainable and inclusive growth, and leaving no one behind, by providing services that facilitate the transition and adaptation process, promoting an ethical and inclusive supply chain, and ensuring that stakeholders have a say in our climate change decisions. Embarking on a journey to achieve a Net Zero state by 2050 is an important step towards supporting a Just Transition and a sustainable future.

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Media release

Absa Group Reports Strong Earnings; Remains Well Positioned For Growth

Absa Group Reports Strong Earnings; Remains Well Positioned For Growth

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*Salient points

  • Revenue increased 15% to R98.9 billion
  • Operating costs rose 7% to R50.9 billion
  • Cost-to-income ratio improved to 51.5% from 55.2%
  • Pre-provision profit increased 25% to R48 billion
  • Impairments increased 61% to R13.7 billion
  • Headline earnings per share increased 13% to 2486 cents
  • Return on equity improved to 16.6% from 15.8%
  • Group CET 1 ratio (IFRS) remained strong at 12.8%
  • Dividend per share increased 66% to 1 300 cents per share

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

Absa Group reported strong normalised headline earnings of R21 billion for the 2022 financial year, an increase of 13% from the prior year and well above pre-Covid levels. The result was driven by significantly higher pre-provision profit which, in turn, was driven by very strong revenue growth of 15% to just under R100 billion.

Strong pre-provision profit growth was tempered by a 61% increase in impairments. This reflects the impact of higher interest rates and inflationary pressures in South Africa and significant Ghana sovereign debt related impairments.

“Our consistent strategy execution produced strong results in 2022,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “We believe in our strategy and we have momentum behind us. Along with a stable and experienced leadership team, I am confident that we will be able to sustainably achieve our targets,” he said.

Absa’s customer base grew through improved product offerings and enhanced digital platforms. In South Africa, Absa’s largest market, the number of customers increased to 9.7 million from 9.6 million, with digitally active customers increasing 10% as stability improved and functionality was enriched. Absa was among the first to go to market with Google Wallet and the rollout of the Abby chatbot; Absa ID was also effective, with over two million enrollments in the first year. Absa won more than 15 awards in the digital space, including Best Digital Bank in South Africa, Mauritius and Tanzania.

Key metrics including return on equity and cost-to-income ratio continued to improve as the Group continues to deliver against its growth strategy adopted in 2018 and which was refreshed last year.

“We are building a strong and consistent track record of delivery against our strategy and we are well positioned for growth, notwithstanding the more difficult operating environment,” said Jason Quinn, Absa Group Financial Director.

The Group capital position remains above the Board approved target range and the Common Equity Tier 1 ratio was strong at 12.8%. The Group loan coverage ratio of 3.9% remains robust and well above the pre-Covid position.

Business unit performance 

The Group refined its operating model, with effect 1 July 2022, as part of its journey to enhance market competitiveness, while also improving its transformation position. In essence, the Group has moved from two commercial businesses – Corporate and Investment Banking (CIB) Pan-Africa and Retail and Business Banking (RBB) Pan-Africa – to five business units.

Product Solutions Cluster (mortgages, vehicle financing, both life and non-life insurance products as well as an investment products and advisory services in SA)

Headline earnings increased by 26% to R3.5 billion, driven by the recovery in the insurance business, while the lending businesses maintained balance sheet growth momentum, notwithstanding the impact of the weaker macro environment and supply chain challenges. Rising interest rates and higher inflation, plus the non-recurrence of 2021 model enhancements benefits saw the impairment charge increase year-on-year.

Everyday Banking (day-to-day banking products and services in SA)

Headline earnings were unchanged at R4.1 billion as higher credit impairments offset strong pre-provision profit growth. The unit registered growth in personal loans, credit card sales and sales of transactional accounts.

Relationship Banking (business banking, wealth, commercial asset financing in SA)

Headline earnings increased by 8% to R4 billion as the unit registered strong growth in the commercial segment, notably in specialised lending, commercial payments and agri products.

Absa Regional Operations (ARO) RBB (retail, business banking and insurance products and services aimed at individuals, small to medium enterprises and commercial customers)

Headline earnings rebounded to R1.1 billion from R106 million, due to a combination of strong revenue-led pre-provision profit growth and lower impairments. The active customer base increased to 1.7 million from 1.6 million a year earlier.

CIB Pan-Africa (specialist investment banking, corporate and transactional banking, financing, risk management, advisory products and services)

Headline earnings increased by 9% to R9 billion as revenue rose across all business areas and as solid growth was achieved in the client franchise, particularly as the number of primary banked clients increased. The benefit of good revenue gains was partially offset by a substantial increase in impairments, particularly as a result of challenging market conditions in West Africa.

An Active Force for Good

During the year, Absa made progress in further elevating the importance of sustainability as an integral part of Group strategy as part of its commitment to being an active force for good in everything we do. Within this, Absa identified climate change, financial inclusion and promoting diversity and inclusion as key focus areas.

Absa registered milestone developments in sustainable lending and funding and continued to build on its leadership in renewable energy financing. Absa acted as joint mandated lead arranger and lender for South Africa’s first utility-scale renewable energy captive power project, comprising 200 MW of solar power, in one of several transactions that added to the bank’s growing renewable energy portfolio.

Absa also made progress in inclusive finance. For instance, Absa Home Loans housed close to 7,000 households through a R2 billion social loan secured from the International Finance Corporation and the total affordable-housing book in South Africa increased to R17 billion.

As part of its revised leadership structures, Absa ensured that changes reflected its commitment to advancing transformation, diversity and inclusion and the Group made significant progress in this regard in 2022.

During the year, Absa Group invested more than R267 million (a 37% increase) in support of communities, through education and youth employability, and strategic engagement initiatives to enable inclusive sustainable economic growth in Africa. This included R25 million towards corporate community support, comprising disaster and humanitarian relief efforts, food relief and health support, as well as employee volunteering activities.

“These efforts demonstrate our commitment to being an active force for good in everything we do by contributing meaningfully to the societies in which we operate,” said Rautenbach.

Outlook 

The outlook for the global, regional and domestic environment remains unusually uncertain.  For South Africa, Absa expects the economy to grow by less than 1% in 2023. Electricity supply is expected to remain a significant risk for the economy for the foreseeable future. Absa forecasts 4.4% GDP-weighted economic growth for the ARO presence countries in 2023.

Based on the current assumptions, Absa expects solid revenue growth and credit losses at the top end of its target range, given higher rates and inflationary pressures. Absa expects return on equity of around 17%.

“We are conscious that the macro environment is tough and is expected to get tougher but we have a well-positioned and resilient balance sheet to withstand it,” said Rautenbach.

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Media release

Financial Action Task Force (FATF) Decision To Grey List South Africa

Financial Action Task Force (FATF) Decision To Grey List South Africa

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Absa’s position on the grey listing of South Africa by FATF

While the decision by the Financial Action Task Force (FATF) to place South Africa on its so-called ‘grey list’ is disappointing, Absa supports the implementation of the recommended FATF reforms, which are intended to strengthen measures to combat money-laundering, terrorist financing and other similar threats to the financial system.

The grey-listing action ultimately raises the cost of transactions as foreign financial institutions will, at least in some instances, apply additional controls to transactions that involve South African entities and individuals.

Absa will continue to participate in industry efforts through the Banking Association of South Africa in support of broader national efforts required by law enforcement and other government agencies to implement the remaining recommended national reforms, in order for South Africa to be removed from the FATF ‘grey-list’ as swiftly as possible.

Absa already complies with rigorous international anti-financial crime standards and regulations as required to access global financial markets.

It is unlikely that the grey-listing action will have any material direct impact on Absa in the short term. In the longer term, any negative economic impact may have a general negative impact on the country, including the business sector and society at large.

FATF regularly reviews countries for compliance with money laundering, terrorist financing and similar threats and publishes updates. In its latest update, FATF added Nigeria to its ‘grey-list’ while Uganda remains on the list.

Q: What is FATF?

A: The Financial Action Task Force (FATF) is a global money-laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society.

The FATF monitors countries to ensure they implement the FATF standards fully and effectively and holds countries to account that do not comply.

Q: What does ‘grey-listing’ mean?

If a country repeatedly fails to implement FATF standards, it can be named a Jurisdiction under Increased Monitoring or a High Risk Jurisdiction. These are often externally referred to as “the grey and black lists”.     [Source: www.fatf-gafi.org]

Q: What happens now that South Africa has been greylisted?

A: The listing means that the country will be known to have deficiencies which it still needs to address. This could lead to foreign institutions performing additional controls or reassessing their appetite to do business with entities or individuals in a grey-listed country.

Foreign financial institutions will, at least in some instances, apply additional controls to transactions that involve South African entities and individuals, ultimately raising the cost of transactions.

Q: How can South Africa be removed from the so-called ‘grey list’?

A: FATF has recommended that South Africa implement key actions to comply with FATF standards. The remaining actions must be implemented before FATF will reassess South Africa’s status.

Q: What would be the impact of ‘grey listing’ on banks?

A: While grey listing will likely increase the cost of compliance for all South African banks and make it harder to access international financial markets and facilitate cross-border transactions, Absa has by virtue of following internationally accepted standards been proactively managing these and other risks that may emanate as a result of a possible grey listing.

Q: What is the impact of South Africa’s greylisting on Absa?

A: We don’t expect that the greylisting action will have any material direct impact on Absa in the short term.

Q: What is the impact of South Africa’s greylisting on Absa customers?

A: There is no change in customers’ relationship with Absa, or the way in which customers use our services.

Q: What actions is Absa taking to help ensure that South Africa is removed from the ‘grey list’?

A: Absa will continue to participate in industry efforts through the Banking Association of South Africa in support of broader national efforts required by law enforcement and other government agencies to implement the remaining recommended national reforms, in order for South Africa to be removed from the FATF ‘grey-list’ as soon as possible.

Absa already complies with rigorous international anti-financial crime standards and regulation, as required in order to access global financial markets.

Q: What is the impact of Nigeria’s greylisting on Absa?

A: The impact is negligible as Absa only has a limited presence in Nigeria through a representative office.  Customers in Nigeria should contact their local representative if they have any concerns.

Q: What is the impact of the FATF update on Uganda?

There is no immediate impact as FATF has not changed its classification of Uganda, which was greylisted earlier.

Read more about the FATF’s latest update:  Home (fatf-gafi.org)

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Turning Dreams Into Reality For South Africa’s Future Leaders

Turning Dreams Into Reality For South Africa’s Future Leaders

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Technology has changed the way we learn and accelerated the speed at which things work. In today’s workplace and educational setting, laptops have become a requirement and while this is the case, many students cannot afford them.

Absa is excited to be a part of a solution that will address this digital deficit. On Wednesday, 8 March 2023, the organisation donated 130 refurbished laptops to CapaCiTi, the digital skills accelerator of the UVU Africa group, a non-profit organisation that brings together the expertise, technology and resources from industry, academia and government in order to develop young South African talent and talent across the continent. The handover, which took place in Salt River in Cape Town, was met with much excitement.

Absa’s relationship with UVU Africa is one that is ongoing, and we recently partnered with CapaCiTi on two initiatives that aim to empower the youth through work experience and learning. The primary objective of the first initiative is to close the Salesforce skills gap and provide candidates with thorough knowledge and a practical understanding of cloud computing and Salesforce.  The second programme, which commenced in January 2023 will look at critical skills, such as Software Development and Software Testers and candidates will go through six months of learning and a further 12 months placement period at Younglings Academy and at Absa.

The majority of the candidates who are part of these initiatives come from economically underprivileged areas, so the laptops donated will be used to support them in their journey. “In everything we do, our aim is to be an active force for good. This donation will ensure that we enable the candidates’ learning by providing access to laptops during weekends and in the evenings. This is something that they didn’t have before and it will allow for continuous learning and code writing without interruption,” Johnson Idesoh, Absa Group Chief Information and Technology Officer comments.

Over the past decade, UVU Africa has made a continued effort to build a future-fit, inclusive society through technology and innovation. They dream of a future where all Africans can become part of the digital economy and are proud to partner with organisations that are tackling the digital skills gap in South Africa and putting youth at the heart of the solution.

Ian Merrington, Group Chief Executive Officer at UVU Africa, believes that this is the perfect time for this handover to happen and the laptops received will be allocated to the CapaCiTi Cape Town campus, CapaCiTi Braamfontein campus in Johannesburg, as well as Khayelitsha Bandwidth Barn hub in Khayelitsha Township. “Our partnership with Absa is one that we believe will continue to yield great results, providing learners with the tools to continually grow in their learnerships and ultimately giving them the opportunity to hope again. There’s nothing that is as impactful as making a difference in someone’s life. This equipment isn’t just any equipment, but a new chapter to unlocking new possibilities,” says Merrington.

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Absa Purchasing Managers’ Index February 2023

Absa Purchasing Managers' Index February 2023

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After surprising on the upside in January, the seasonally adjusted Absa Purchasing Managers’ Index (PMI) declined to 48.8 index points in February. This was the first time since September 2022 that the headline index fell below the neutral 50-point mark, pointing to a marked deterioration in business conditions in the factory sector. Indeed, the business activity and new sales orders indices were both in contractionary terrain, with demand dipping for a second consecutive month.

The February survey period included an unprecedented seven consecutive days of stage 6 load-shedding, which was likely top of mind for many respondents. To be sure, load-shedding once again featured frequently in the commentary where respondents explained why activity declined relative to the previous month. A glimmer of good news was that export sales rose to the best level in a year, implying that producers supplying solely to the domestic market likely had a tough month. In line with a weaker output picture, the employment and inventories indices also came in below the neutral 50-point mark.

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Your Opinion Matters

Your Opinion Matters

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As a valued Absa customer, your views and insights are crucial in our efforts to develop products and services that will meet your needs and simplify your banking. That’s why we regularly host customer engagement sessions either online or in person to get your opinion on upcoming changes or improvements.

Who is involved in setting up customer engagement sessions?

Our Africa Design Office in partnership with our recruiters Vula Vula Research Services (company registration number 2014/040167/07) and Ethno Lab Pty Ltd (company registration number 2015/129321/07).

How do you contact me to take part in these sessions?

  •  You will receive an SMS, email or call from our recruiters asking if you are interested to join a research or testing session.
  • If you are interested, the recruiters will ask you broad questions before proposing a research/testing topic relevant to you.
  • You will never be asked to share your personal details such as your ID number, banking details such as your account numbers, card details, PIN, ATM PIN, one-time-PIN (OTP), online banking or app login details.
  • If you‘re asked for this information, end the communication immediately and call the Absa Fraud Hotline on 0860 557 557 or +27 (0)11 501 5089, or use the ‘Click to call’ functionality on your Banking App.

What are the next steps if I agree to take part in a session?

  • The recruiter will set up a date and time for your session.
  • You will need to sign a nondisclosure agreement (NDA) to ensure that your rights and Absa’s rights are protected.
  • The recruiter will contact you before your session to confirm your session.
  • After you have completed the research or testing session, you will get an incentive as a token of appreciation for your time.
  • You will not receive any follow up marketing calls for taking part in the research or testing session.

 

Who do I contact to get more information?

 

Contact Carmen Da Silva at Carmen.DaSilva@absa.africa

 

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Absa Group: Investing in Africa’s Growth, Together

Absa Group: Investing in Africa's Growth, Together

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Absa Group is a leading financial services provider in Africa, with a deep commitment to the continent's growth and prosperity. We believe that our success is intertwined with the success of the communities we serve, and that's why we invest heavily in initiatives that make a real difference.

 

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Absa Purchasing Managers’ Index January 2023

Absa Purchasing Managers' Index January 2023

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The seasonally adjusted Absa Purchasing Managers’ Index (PMI) came in at 53.0 index points in January 2023 – virtually unchanged from 53.1 in December.

A decline in the employment and new sales orders indices to levels below 50 were offset by higher activity and inventories returning to positive terrain. Most encouraging was the significant, and surprising, improvement in the business activity index relative to the previous month. This was despite many respondents still flagging load-shedding as holding back production and new sales orders dipping lower in January. Should this translate into actual production growth, it would be a promising start to the year for the struggling sector.

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Absa Group To List Its Ordinary Shares On A2X Markets

Absa Group To List Its Ordinary Shares On A2X Markets

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Absa Group Limited will list its ordinary shares for trade on A2X Markets from 2 February 2023.

Absa Group will retain its primary listing on the Johannesburg Stock Exchange and its issued share capital will not be affected by its secondary listing on A2X. There is no cost or additional regulatory compliance for Absa Group as a result of the secondary listing.

Absa Group Financial Director Jason Quinn said: “We are very pleased to be listing on A2X, which further demonstrates our support for developing South Africa’s capital markets. It offers investors a wider choice of where to trade our shares and potentially reduces their trading costs.”

A2X CEO Kevin Brady commented: “We are delighted to be welcoming Absa Group, one of Africa’s largest financial services groups, to our market next week. In July 2019, Absa became the first issuer to secondary list ETFs on A2X and we are pleased to bring the benefits and savings that a listing on A2X brings to Absa Group investors too.”

Absa Group’s listing will bring the number of instruments listed on A2X to 94, with a combined market capitalisation of R6.5 trillion. It is the 19th top 40 constituent with a listing on A2X, along with: AngloGold Ashanti, Aspen, Exxaro, Discovery, Growthpoint, Implats, Investec Ltd and Plc, Mr Price, Naspers, Nedbank, NEPI Rockcastle, Prosus, Remgro, Sanlam, Sasol, Standard Bank and Woolworths.

A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies. It is regulated by the South African Financial Sector Conduct Authority and the Prudential Authority of the South African Reserve Bank in terms of the Financial Markets Act 19 of 2012.

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A Message From Amenda Makhetha To Observe Data Privacy Day

A Message From Amenda Makhetha To Observe Data Privacy Day

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Absa’s Journey

Over the years, we have embedded Data Privacy frameworks, policies, processes, and procedures to protect personal information and to support compliance with data protection requirements across all our markets. We continue to embed these privacy obligations in our ways of work, processes, and systems to create a privacy culture. We have successfully rolled out a Group Privacy Programme, awareness campaigns, and training initiatives to ensure clients and employees are fully aware of their rights and Absa’s privacy obligations.

Absa has established a dedicated Group Data Privacy Office. We have dedicated Data Privacy Officers, Privacy Champions, and representatives supporting our Businesses. If you need assistance with data privacy matters at Absa please reach out to the Group Privacy Office at privacy@absa.co.za or request to be directed to a Privacy Representative at one of our branches.

Absa’s commitment to information privacy

At Absa, the collection and processing of customer and employee personal information remain important to us. Protecting privacy is key to ensuring human dignity, security and maintaining an ethical society. As data collection and use of data become more inventive, we aim to ensure that this is done responsibly. We are committed to handling all personal information in our care in the right way, for the right reasons, and to treating our customer’s personal information carefully and responsibly. For more information on this, please refer to our Absa Privacy Statement which outlines Absa’s practices. For access to your personal information held by Absa, we have published the PAIA (Promotion of Access to Information Act 2 of 2000) Manual, available in Afrikaans, English, and isiZulu.

Banking Association Code of Conduct

The Information Regulator of South Africa issued Codes of Conduct (CoC’s) for the banking and credit reporting sectors which came into effect on 5 November 2022. The purpose of a CoC is to prescribe how the conditions for the lawful processing of personal information are to be complied with, specifically in relation to the banking industry in which responsible parties, such as Absa are operating within. A breach of the CoC’s is considered an interference with the Protection of Personal Information Act. Absa ensures that its Policies and Procedures are aligned to the Banking CoC’s. For more information on the CoC’s please visit our website.