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2024 Interim results

2024 Interim Results

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2024 interim results salient points

• Revenue increased 3% to R53.7 billion
• Operating costs increased 8% to R28.3 billion
• Cost-to-income ratio increased to 52.7% from 50.6%
• Pre-provision profit declined 1% to R25.4 billion
• Impairments charge in line with prior year
• Headline earnings decreased 5% to R10.2 billion
• Return on equity declined to 14% from 15.7%
• Group CET 1 ratio of 12.7% remains well above regulatory requirements
• Dividend per share flat at 685 cents

Absa Group reported headline earnings of R10.2 billion for the first half of 2024 and said it expects an improvement in second-half Group performance as its South African retail businesses demonstrated earnings growth across the portfolio in the first six months of the year.

“All of our underlying businesses in the South African retail portfolio reported headline earnings growth, which is indicative of recovery in business performance,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “While economic conditions remain challenging, our delinquency profile has stabilised as a result of the decisive action we have taken. We remain committed to our integrated strategy, a focus on seamless customer experience, and delivering sustainable, balanced growth and value creation.”

The Group’s Product Solutions Cluster (comprising home loans, vehicle asset financing, insurance, advisory and more) in South Africa, reported a 7% increase in headline earnings. Everyday Banking (card, personal loans and transactions in SA) headline earnings grew 9%, while Relationship Banking (SME, commercial and private wealth in SA) headline earnings rose 1%.

The Group’s Absa Regional Operations retail and business banking (ARO RBB) cluster reported a 12% decline in headline earnings as exchange rates negated gains. The business posted an 11% increase in constant currency revenue, underscoring the value of the ARO portfolio as a source of growth and diversification.

The Group’s Corporate and Investment Banking Pan African unit reported headline earnings largely unchanged from a high base a year earlier as higher impairments impacted earnings in the period under view.

Total Group headline earnings declined 5% from a high base a year earlier, after cost increases outpaced revenue growth. The five-year compounded average growth rate in diluted headline earnings per share is 6%.

The Group’s capital and liquidity position remains healthy, with key metrics within the Group’s risk appetite and above the required regulatory minimum levels. The Group’s balance sheet remains robust, with a Common Equity Tier 1 (CET 1) ratio of 12.7%.

“We anticipate a stronger performance in the second half of 2024, also as we see further improvement in our credit losses and stronger non-interest revenue generation,” said Deon Raju, Absa Group Financial Director.

Absa’s active customer base expanded by 3% to 12.5 million in the first half while the number of digitally active customers increased by more than 12% to 4.3 million as the Group drove digital channel usage.

The Group also noted improved client experiences.

Customer experience scores in the South African retail portfolios improved compared to a year earlier. Absa had the lowest number of formal complaints lodged with the Ombudsman in South Africa of the five largest banks in 2023 and reported a decline in the number of complaints.

“Our ongoing investments in digital innovation, customer experience enhancement and our repositioned brand are key drivers for future growth and operational excellence,” said Rautenbach.

Absa has also made significant progress in non-financial performance metrics including sustainability, as the Group continues to deliver against its ambition to be an active force for good. The Group has arranged R96 billion in sustainable finance deals since 2021 and is on track to exceed its target of R100 billion by 2025.

Based on the interventions in place, and excluding major unforeseen macroeconomic, or regulatory developments, Absa expects an increase in full-year revenue by mid-single digits. This will support stronger pre-provision profit growth and, together with a lower credit loss ratio than in the first half, should also support better second-half earnings growth off a low base in the second half of 2023.

Absa 2024 Interim Results

The first half of 2024 has seen us celebrate a continent's worth of stories, including our own. From stories of partnerships that drive sustainable progress, to those of inclusivity and innovation, we're empowering Africa's tomorrow together… one story at a time.

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Absa Group, SACCI celebrate success of inaugural Women-in-Business Directors Training Programme

Absa Group, SACCI celebrate success of inaugural Women-in-Business Directors Training Programme

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Absa Group is proud to have collaborated with the South African Chamber of Commerce and Industry (SACCI) to sponsor the inaugural Absa-SACCI Women-in Business Directors Training Programme, which took place from 5 July to 2 August 2024 and culminated in ten (10) women completing the programme.

The board training programme, conducted by the Institute of Directors South Africa (IoDSA), was aimed at identifying and nurturing women who have the potential to excel in board roles, and equipping them with the essential knowledge and skills required to thrive as successful business leaders and board members. The content covered critical areas such as governance, strategic planning, ethics, compliance and risk management.

The training comes at a time when South Africa continues to struggle to achieve gender parity in business, and particularly at board level. The 2023 Status of Gender on JSE-listed Boards report showed that the proportion of women on boards increased to 32% from 23% in 2017. While there is no available data on unlisted companies, the representation of women on these boards is likely to be even lower.

According to Absa’s Lead Independent Director, Ms Nonhlanhla Mjoli-Mncube, supporting the Women-in-Business Directors Training Programme is part of the Group’s commitment to being an active force for good in everything we do. “This programme has afforded us the opportunity to not only support the empowerment of women, but to also strengthen governance in our institutions and communities,” Mjoli-Mncube said.

She said there is a need for urgent and focussed efforts to increase women decision makers in general and women board leaders in particular.

It is for this reason that Absa Group and SACCI are delighted at the success of the programme and we celebrated the first cohort of board trainees during an event this women’s month. The candidates had an opportunity to share their reflections and insights on the training programme, while there was also a panel discussion looking at what it will take to increase gender equity and diversity on corporate boards.

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Unlock Your Business Potential: Visa’s ‘She’s Next’ Sub-Saharan Africa Competition Now Accepting Applications

Unlock Your Business Potential: Visa's 'She’s Next' Sub-Saharan Africa Competition Now Accepting Applications

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Global payments leader, Visa, in collaboration with Absa, one of the largest diversified financial service providers in Africa, has rolled out its advocacy programme, She’s Next, across South Africa. The initiative, which spans across the globe, aims to create an inclusive and equitable environment for women-led businesses with networking, mentoring and funding opportunities.

Eligible women entrepreneurs from all industries and sectors in South Africa, are encouraged to apply for a chance to win a share of over R1 million worth of grant funding. In addition to the monetary prizes, the top applicants will receive training and capacity building sessions courtesy of Visa and its partner, Absa.

“She’s Next continues to prove its impact as we navigate a complex post-pandemic world, where empowering women entrepreneurs is crucial for economic recovery and innovation. What sets this initiative apart is our focus on creating tailored solutions that address the unique challenges faced by women in different regions, ensuring that every entrepreneur receives the support that meets her specific needs. By fostering a global network of resilient women, we are not only driving inclusive economic development but also setting the stage for a future where women-led businesses are at the forefront of global progress,” says Lineshree Moodley, Country Head at Visa South Africa.

She’s Next connects female founders with industry experts, offering knowledge and tools needed to grow their businesses through financial support, personal development, and marketing assistance. The programme is part of Visa and Absa’s broader commitment to fostering an inclusive world where women are equipped to develop and advance their businesses.  With research further indicating  that female-led businesses face unique challenges throughout their entrepreneurial journey, Visa remains committed to helping these business owners across Africa to identify opportunities for growth.

“Acknowledging the critical role that women entrepreneurs play in our communities and society, Absa has done extensive work to ensure that our solutions remove obstacles and stay relevant to these businesses,” says Sanah Gumede, Head of Strategy and Customer Value Management at Absa Relationship Banking. “By actively participating in the She’s Next programme, we continue to build on our existing Women in Business, Customer Value Proposition #AbsaSheThrives, to double down on our efforts to support women-owned businesses with business development skills, networking and funding opportunities as well as mentorship and coaching. In this way, we intend to make a tangible difference in promoting diversity and inclusion, whilst being an active force for good in the communities in which we operate, through leveraging our valuable partner ecosystems at Visa.”

The prizes for the She’s Next Initiative include a first prize of R400,000, a second prize of R250,000, a third prize of R170,000, and an additional R170,000 for the Social Impact award.

Visa has digitally empowered 16 million small and micro businesses (SMBs) worldwide, surpassing its multi-year goal set in 2020 to digitize 50 million SMBs. Additionally, the Visa Foundation has allocated $1 million in funding to organisations across Sub-Saharan Africa that support SMBs. This funding encompasses grants and impact investments in programmes offering SMBs training, support services, and access to capital, with a focus on gender inclusivity and diversity. She’s Next in Sub-Saharan Africa will further extend the reach and impact of this programme.

To learn more and apply for Visa She’s Next Initiative, applicants must submit a short application form via She’s Next South Africa with details about their business. Applications are open until 5th August 2024 and the winners will be announced in September 2024.

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Absa to Enhance Digitally Powered Financial Solutions in Africa

Absa to Enhance Digitally Powered Financial Solutions in Africa

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Absa Group is extending pivotal partnerships in the digital space to offer clients continued seamless and innovative banking experiences. This strategic move ensures clients will benefit from enhanced features such as advanced machine learning algorithms and improved data analytics – technologies that are crucial to delivering faster, more accurate customer service and tailored financial solutions – thereby elevating the standard of digital banking across Africa.

“We are strengthening our digital offerings across all segments and using advanced analytics to enhance our clients’ digital experience. This means that pursuing constant innovation and adopting sustainable technology practices through collaborative partnerships remain key focus areas for us,” said Johnson Idesoh, Group Chief Information and Technology Officer at Absa Group.

As part of this commitment, Absa Group has extended its contract with LTIMindtree – a multinational information technology services and consulting company.

The partnership will encompass a comprehensive suite of services including application maintenance and support, ensuring the seamless and efficient operation of critical applications across Absa's network while eliminating risks typically associated with vendor transitions. It will also advance the use of cutting-edge technologies such as Artificial Intelligence, machine learning, and data analytics to improve service delivery and customer engagement. Additionally, by prioritising cost efficiency through optimised operational processes and strategic resource allocation, we can achieve substantial savings. This approach will enable us to deliver enhanced features to our customers more rapidly and at a competitive price point.

The five-year extension arrives amid the Group’s ongoing efforts to continuously upgrade core banking systems, enhance digital channels and platforms, and implement innovative fintech solutions to continuously improve customer experience, streamline processes, and enhance operational efficiency.

Since establishing the partnership, LTIMindtree has already helped Absa achieve a 40% improvement on performance in its programme management, analysis, and data migration in key services, while maintaining 100% platform availability in recent years.

This is just one of several initiatives announced by Absa Group aimed at improving services within the bank and driving economic development across Africa. The bank has made significant progress over the last few years in transforming its technology landscape, achieving market-leading operational stability, and delivering a new technology stack across core business functions like CIB, Absa Vehicle and Asset Finance, and Home Loans – among others.

“Our partnerships, from within Africa and beyond, are about bringing new technologies and practices that benefit not only our customers but drive investment into African economies. Our collaboration with LTIMindtree is about driving innovation and excellence, building resilient and future-proof technological infrastructures which are essential for navigating the modern financial landscape,” said Idesoh.

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Absa funds building rentals to support South African Depression and Anxiety Group (SADAG) for three years

Absa funds building rentals to support South African Depression and Anxiety Group (SADAG) for three years

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In a significant move to support mental health initiatives in South Africa, Absa is proud to announce its funding of rentals for a building for the South African Depression and Anxiety Group (SADAG). This three-year funding will provide SADAG with essential space for their 24-hour call centre and office operations.

SADAG, established 30 years ago, serves as a vital support network for the thousands of South Africans living with mental health issues nationwide. The organisation manages a 30-line counselling-and-referral call centre and operates over 170 free Support Groups across the country. Currently, it is estimated that 1 in 3 people in South Africa will experience a mental illness at some point in their lifetime.

With the building sponsored by Absa, SADAG will be better equipped to manage the over a million calls it receives annually from individuals seeking help with depression, anxiety and suicide. The building will also train volunteer counsellors and support groups, and operates the country’s only suicide crisis help line.

KG Bako, Managing Executive: Talent Management & Transitions says, “In the spirit of Mandela Month, we are honoured to work with the South African Depression and Anxiety Group and support their efforts to assist South Africans suffering from depression and anxiety. We take matters of mental health seriously within our organisation. We recognise the profound impact that mental health has on our employees' wellbeing and productivity. By supporting initiatives like SADAG, we reaffirm our commitment to fostering a healthy, supportive, inclusive, and safe work environment for all.”

“Mental health challenges and burnout can result from rigorous deadlines, heavy workloads, long hours and a lack of psychological safety, as well as job and financial insecurity. Businesses must address mental health issues in the workplace for the sake of both the workers and the organisation’s bottom line. When employees faced with mental health challenges are not supported, it will adversely impact their engagement and productivity levels,” Bako added.

According to the South African Depression and Anxiety Group (SADAG), mental health issues affect 1 in 3 South Africans at some point in their lives. Alarmingly, only 1 in 10 South Africans with a mental illness receive the treatment they need, leaving 9 out of 10 without access to essential mental health care. The majority of calls received by SADAG come from women and youth aged 18 to 35 years, highlighting a critical gap in mental health support for these vulnerable groups.

Roshni Parbhoo-Seetha, Project Manager at SADAG, expressed gratitude: "We are humbled by the generous funding of the building, which will allow us to help a million South Africans suffering from mental health challenges. In recognition of this, we will honour Absa’s generosity with a plaque in our office space as a token of appreciation for their continued support."

“Depression and anxiety impact us all. We encourage South Africans to use the anonymous, free resources available and seek help. The Depression and Anxiety Helpline can be reached at 0800 70 80 90, and the Cipla Mental Health WhatsApp chatline is available from 8 AM to 5 PM at 076 882 277. Don't hesitate to reach out for the support you need”, Parbhoo-Seetha ended.

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SymphonyAI and Absa Group Recognised as ICA Compliance Awards “2024 Technology Partner of the Year” for predictive and generative AI SaaS innovations

SymphonyAI and Absa Group Recognised as ICA Compliance Awards “2024 Technology Partner of the Year” for predictive and generative AI SaaS innovations

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Partnership recognised by International Compliance Association for its collaborative work in AI-driven risk management that reduced false positive alerts by 77% and accelerated the new risk identification hit rate by 10.5%

SymphonyAI, a leader in predictive and generative AI SaaS products for the enterprise, was named “2024 Technology Partner of the Year” at the recent ICA Compliance Awards 2024 Europe for its partnership with South African-based pan-African bank Absa Group Limited to combat financial crime.

SymphonyAI and Absa were selected from among the finalists for using AI to improve transaction monitoring processes, reduce false positives, and discover hidden risk. The ICA Compliance Awards celebrate the outstanding achievements, collaboration, and innovation of compliance and financial crime prevention teams.

The award submission from the two companies highlighted key goals for the project:

  • Improve alert quality – reduction of false positive alerts, which would be measured against current alerts, while continuing to identify all known suspicious activity reports (SARs).
  • Improve new risk detection – using AI to detect new risks faster than existing transaction monitoring rules.
  • Segmentation/transaction monitoring system (TMS) tuning – options for tuning transaction monitoring rules based on SymphonyAI Sensa customer segmentation.

The joint project team used masked data from one country covering two years. The Absa-SymphonyAI project then tested the software’s capabilities further by including data from another country.

Results far exceeded expectations with false positive alerts reduced by 77% while also capturing all suspicious activity reports (SARs) as found by Absa using its current transaction monitoring system.

“The outcomes of the POC in terms of alert reduction were well in excess of the expected thresholds, and as a result, Absa has decided to roll out the SymphonyAI model to three further countries across Africa,” said Absa Managing Executive, Strategic Change for Group Compliance Robert Benvenuti. “This shows the impact and importance that we feel the project has had, and we hope to improve upon our partnership together over the coming years. As regulations increase, risk management has to keep up and we feel that working with SymphonyAI has enabled us to continuously refine our approach to a vital aspect of financial management, improving our commitment to our customers by enhancing our productivity in regard to risk alerts.”

By sampling six months of data, SymphonyAI generated new risk models to improve risk detection. Absa confirmed new risks were identified more quickly versus a slower manual adjustment of rules or manual reporting methods. Alongside this, the new risk identification hit rate of 10.5% was significantly more effective than using rules alone.

“The teamwork between a forward-looking bank like Absa and an enterprise AI innovator like SymphonyAI is creating exciting real-world transformation in pioneering a safer financial services ecosystem,” said Mike Foster, president of SymphonyAI’s financial services division. “We are extremely proud of this recognition with Absa in earning the 2024 ICA Compliance Technology Partner of the Year Award.”

“I’d like to extend my heartfelt congratulations to all the finalists of the ICA Compliance Awards 2024,” said ICA President Pekka Dare. “Your outstanding contributions and unwavering dedication to excellence in the compliance and financial crime prevention industry highlight your professionalism and expertise. It is through your innovative approaches that we continue to push the boundaries of what is possible.”

SymphonyAI’s enterprise SaaS products, which provide unparalleled ability to tackle some of the industry’s toughest scenarios, include enterprise grade AI-based anti-money laundering (AML) transaction monitoring and sanctions screening for dynamic risk assessment, and intelligence-led know your customer and customer due diligence, transaction monitoring, and sanctions screening products for dynamic risk assessment; together with powerful AI augmentions for AML and sanctions that enrich existing investments – reducing false positives by up to 80% while continuing to spot 100% of true positives.

The innovative AI-based Sensa Investigation Hub is a complete case management center that acts as a financial crime investigation force multiplier for a unified view and management of enterprise-wide risk and compliance. SymphonyAI’s AI payment fraud prevention significantly reduces fraud losses with real-time fraud detection analytics technology.

Please click here to access the full IAC Awards Certificate

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Absa Group Concludes Further Agreements with MIGA; Advances Pan African Climate Finance

Absa Group Concludes Further Agreements with MIGA; Advances Pan African Climate Finance

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Absa Group Ltd, one of the largest diversified financial service providers in Africa, has concluded further agreements with the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, freeing up additional financial capacity for investments in Pan-African climate finance projects.

In 2019, MIGA issued capital guarantees of US$497 million to Absa in support of managing certain risks in countries including Ghana, Kenya, Mauritius, Mozambique, Seychelles, Uganda and Zambia. Absa was the first African banking group to enter into this type of guarantee transaction with MIGA. The guarantees help Absa to provide additional financing to its subsidiaries in the participating markets, supporting lending and growth.

Absa and MIGA signed an agreement on 24 June 2024 to expand on the initial transactions, increasing  additional cash-reserves cover to approximately US$1 billion in the participating markets.

“The expanded agreement builds on a market-leading transaction between Absa and MIGA. It strengthens our partnership and advances our common goal of financing climate projects across Africa that enhance economic activity as well as sustainability,” said Deon Raju, Absa Group Finance Director.

“MIGA is excited to expand our partnership with Absa to facilitate greater investment in climate projects across Africa,” said Hiroshi Matano, MIGA Executive Vice President. “The agreement underscores our commitment to supporting sustainable economic growth in the region during these turbulent global crises.”

As part of the agreement, Absa committed to increasing climate finance business growth in the markets covered in the (original and expanded) agreements. In addition, Absa agreed to not fund any additional coal projects with a tenor of three years or more in the participating markets and to reduce coal exposure in these markets to zero by 2030.

The commitments are aligned to Absa’s strategic priority of being an active force for good in everything we do, which supports a Just Transition in Africa and commits the Group to reducing fossil fuel financing.

The additional guarantees are expected to result in an incremental reduction of approximately R11.5 billion in risk-weighted assets for Absa Group. A reduction in risk weighted assets reflects lower risk, which improves the Group’s risk profile and is equivalent to securing additional capital resources.

Absa’s intention is to deploy the additional risk-weighted asset capacity generated through the agreement for climate finance over the duration of the guarantees.

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Absa presents ‘The People’s Biskop’, powered by Umphakathi Artists to celebrate Youth Month

Absa presents ‘The People’s Biskop’, powered by Umphakathi Artists to celebrate Youth Month

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In celebration of Youth Month, Absa, in collaboration with Umphakathi Artists, is excited to announce a public special cinema event to honour the legacy of the Class of 1976. This commemorative screening will be held ahead of Youth Day, on June 15th, at the YMCA in Orlando East, Soweto. The programme includes free screenings of local films in underprivileged communities, often produced by young filmmakers who form part of ‘The Biskop Exhibition’.

Absa is celebrating the unique stories of the next generation of creators and innovators through entrepreneurship and financial literacy. Through collaboration with other creative arts organisations that share a similar vision, the bank aims to promote unity in the creative arts industry, subsequently creating spaces and opportunities to empower and develop young people’s entrepreneurial and financial management skills.

Candice Thurston, Absa Group Managing Executive for Brand and Marketing, says, “As we move towards a more human-centred approach to banking, initiatives like these are the ultimate embodiment of our commitment to making a meaningful contribution. We look forward to playing our part in bringing clients and communities together as we recognise and celebrate the talent, dedication, and skill of our existing and future clients, and contribute to a more balanced and equitable landscape within the arts and entertainment industry. We feel partnering with this Biskop/short film screening event in Soweto does this.”

“We strive to create holistic solutions for our customers’ unique needs, particularly young people, in preparation for their financial future. To this end, our comprehensive benefits for young people include our Absa Student Account which offers unlimited free day-to-day banking including card swipes and till-point cash withdrawals, zero monthly account fees, a free monthly data allocation, and lifestyle benefits such as meal and travel vouchers.” Thurston added.

In line with this vision, Absa is kicking off a month-long corporate citizenship programme aimed at engaging the youth to empower and develop their entrepreneurial and financial management skills. On Saturday, June 15th, Absa will partner with young filmmaker Ntokozo Mlaba, the winner of the Young Filmmaker Award at the 2024 Joburg Film Festival, who received financial sponsorship from Absa as part of his next chapter in storytelling.

Ntokozo Mlaba will host a series of free community film screenings across Soweto to celebrate Youth Day and the contributions of youth to South Africa's freedom, simultaneously screening 16 films in multiple townships within Soweto as a commemoration of the Class of 1976.

The series aims to build community through art, using film to foster positive change in society. Communities in Soweto can expect popcorn, drinks, and cinema-style seating for the screening of two significant films that capture the essence of Soweto's vibrant culture and historical resilience. Community members will first enjoy the touching short film, Jemima and Johnny by South African filmmaker Lionel Ngakane, followed by the critically acclaimed Mapantsula, a movie directed by Oliver Schmitz and written by Schmitz and Thomas Mogotlane, filmed deep in the heart of Soweto. Both films offer a captivating glimpse into Soweto's unique cultural landscape, showcasing the talent and creativity of local filmmakers.

In addition to the film screening, this series will pay tribute to the bravery and legacy of the young people who shaped 1976 and beyond. It will serve as a reminder of the enduring spirit and unity of the Soweto community, encouraging reflection and appreciation through the art of cinema. The evening will foster a warm and inclusive atmosphere, inviting guests to connect with one another and celebrate the shared love of local cinema and cultural heritage. This gathering is a chance to engage with fellow community members in a setting that honours history and inspires future generations.

Absa’s new signature or strapline 'Your Story Matters', signals a shift to meeting customers with empathy during every stage of their journey. This promise reflects the bank’s commitment to delivering an experience that is seamless, intuitive, and anticipatory. At Absa, every story holds significance, regardless of its scale. That's why the bank is focusing its solutions and services around the needs of people, the planet, businesses, and society.

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Regulatory approvals secured for Absa to acquire the domestic Wealth and Personal Banking and Business Banking business of HSBC Mauritius.

Regulatory approvals secured for Absa to acquire the domestic Wealth and Personal Banking and Business Banking business of HSBC Mauritius.

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Absa Group is pleased to announce that it has obtained regulatory approval from key regulatory authorities to acquire the domestic Wealth and Personal Banking and Business Banking businesses of the Hongkong and Shanghai Banking Corporation Limited (HSBC), Mauritius branch. The transaction includes the assets and liabilities of approximately 38,000 retail customers and about 400 small and medium enterprises from Business Banking, along with relevant employees.

This transaction is aligned to Absa’s strategy to be a diversified franchise and its ambition to being a leading Pan African bank.

With a strong emphasis on transparency and diligence, respective project teams from HSBC Mauritius and Absa Mauritius are working in close collaboration to ensure a seamless onboarding for the new customers and colleagues alike. The official transition is planned to begin in the next few weeks.

Ravin Dajee

Commenting on this new milestone, Ravin Dajee, Managing Director of Absa Mauritius states: “Now that the regulatory approvals have been obtained, this transaction enters a new stage. We will continue collaborate with HSBC to ensure a seamless transition. Regular communication has been planned throughout the journey to provide timely information and support the transition. We look forward to onboarding both the new customers and colleagues.”

This transaction is in line with Absa’s growth ambition and reinforces its commitment to expand and continue to be an influential player in the banking sector in Africa. The transaction provides Absa the opportunity to further expand its Retail and Business Banking division in Mauritius, leveraging on existing resources, expertise and infrastructure such as its innovative digital solutions.

HSBC will continue to support large and mid-market domestic corporates and international subsidiaries of corporates headquartered outside of Mauritius, with a focus on cross-border trade and/or international business. Markets and Securities Services, multi-currency corporate lending, foreign exchange, trade finance, global custody and sustainable finance will continue to be offered to clients.

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Absa partners with the Karkloof Country Club in a new three-year agreement to support the community

Absa partners with the Karkloof Country Club in a new three-year agreement to support the community

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Following the conclusion of a new three-year agreement with Absa, the Karkloof Country Club will now be known as the Absa Karkloof Country Club.

“Prior to formalising our partnership agreement, Absa has proudly leveraged the outstanding amenities and trails of Karkloof Country Club since 2022, serving as the Team Absa Training Camp for the annual Absa Cape Epic mountain-bike race”, says Daniel Munslow, Managing Executive of Group Communications at Absa. “This partnership has been growing from strength to strength and the new three-year agreement affords us the opportunity to further uplift the communities in which we operate. Our cycling events, such as the Team Absa Training Camp, are more than sporting calendar days. It’s an opportunity to support the local community, business owners and farmers in the region.”

The Absa Karkloof Country Club, situated in the KZN Midlands, offers over 300 kilometres of mountain-bike trails that have, in recent years, twice been voted among the best trails in South Africa by Tread Magazine. The trail network offers something special for everybody – from scenic, flowing single tracks and highly technical trails, to a quiet, level trail where visitors can walk to the magnificent Karkloof Falls.

Absa has also committed its support to surrounding communities. “During the 2024 training camp activities, Absa provided upgrades and refurbishments at Yarrow Intermediate School,” adds Munslow. “This is the same school where Absa donated a stationary Absa Bus, now transformed into a library capable of simultaneously accommodating up to 60 children from Grade R to Grade 7. We pride ourselves on empowering Africa’s tomorrow, together … one story at a time by contributing to the success of our country's literacy rate.”

Andrew Nicholson, Chairman of the Absa Karkloof Country Club, says, “We are extremely excited about the new partnership, which will allow us to continue to expand the incredible work we already do in the community. The club now employs 18 local full-time staff members, as well as two teachers at the Early Childhood Development Centre and a local school. Our schools programme has expanded to provide additional support to the Yarrow School, in support of Absa’s efforts. Several development plans are on the cards for this year at the club and this process has been significantly enhanced by Absa’s partnership.”

The Absa Karkloof Country Club will again host the Sappi Karkloof Classic on 25 and 26 May 2024, marking the 30th anniversary of the event. For the fourth time in 10 years, the event will host Cycling SA Marathon champions, showing ongoing commitment to the region and the trails it offers. Members of the Absa Karkloof Country Club will enjoy free entry to the Sappi Karkloof Classic.

“We look forward to the next three years, as our new partnership with Absa is going to change people’s lives in our community,” concludes Nicholson.