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Absa Group confirms expansion into China with new office

Absa Group confirms expansion into China with new office

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Absa Group today announced its physical expansion into the People’s Republic of China with the opening of a new non-banking subsidiary in Beijing.

The non-banking subsidiary is now open, with the official launch event in Beijing, scheduled for the 8 May 2024. At a ceremony in Johannesburg, South Africa today, attended by Enoch Godongwana, the Minister of Finance of South Africa and Chen Xiaodong, the Chinese Ambassador to South Africa – Absa Group showcased the continued growth of its international footprint alongside its commitment to fostering new opportunities between Africa and China.

The new office will enable Absa Group to offer local support to Chinese clients and stakeholders to conclude transactions across the African continent, helping to support clients’ needs, goals, and ambitions. This is part of a wider commitment from Absa to expand its operations with international representative offices in strategic markets and offer deep expertise in African markets to its overseas clients.

“We’re thrilled to add our office in China to our global footprint”, commented Arrie Rautenbach, Group CEO of Absa Group. “Today’s announcement reinforces our ambition to grow our international strategy – particularly as China is such a strategically important market for Africa. Our expansion into this dynamic market represents an exciting opportunity to unlock new avenues of growth and prosperity for Africa and China.”

The China-Africa investment relationship has flourished over the past few decades, with China emerging as the continent’s largest bilateral trade partner. This has been fuelled by Chinese investment in Africa’s vast natural resources and infrastructure projects, creating huge commercial opportunities for both regions.

“Our presence in China will help to firmly establish Absa’s capability to provide general advisory services to clients based in China for concluding transactions across the African continent, offering us new opportunities with our clients in the region”, says Charles Russon, CEO of Absa Corporate & Investment Bank. “Establishing our base there will not only give us a physical presence in the region but also help us to meet the needs of our clients operating in this rapidly growing market.”

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Absa leaves a lasting legacy in Karkloof, transforming lives and empowering the community

Absa leaves a lasting legacy in Karkloof, transforming lives and empowering the community

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Absa, a proudly Pan-African bank, hosted its annual Team Absa Training Camp at Karkloof Country Club in KwaZulu-Natal from 25 to 28 January in preparation for the 2024 Absa Cape Epic.

Absa demonstrated its unwavering commitment to community empowerment through education during this year's training camp activities. The bank’s key stakeholders took charge of spearheading significant upgrades and refurbishments at Yarrow Intermediate School, reaffirming Absa's dedication to being an active force for good in the communities it serves. Notably, this school holds special significance for Absa, as it is the same institution where the bank previously donated a stationary bus. The bus has now been transformed into a library, capable of simultaneously accommodating up to 60 children from Grade R to Grade 7. This initiative aligns with the bank’s commitment to empowering communities through education and being an active force for good in everything it does.

Mary Gray, Yarrow Intermediate School Project Coordinator, stated, "Our sincere thanks to Absa for its continued support at Yarrow School. The upgrades to the Grade R and Grade 1 blocks were fundamental for the beginning of the school year, and we are grateful for their support."

Tina Venter, Executive: Marketing Operations, Absa Group Marketing and Corporate Affairs, says, “Absa aims to create a meaningful impact by developing the communities we operate in. The refurbishments and upgrades at the Yarrow Intermediate School at the start of the 2024 school year are another milestone for the Group. 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."

The new partnership between Absa and the official charity partner of the Absa Cape Epic, ILoveBoobies, saw the provision of 400 free breast examinations to South African women in the communities surrounding the Karkloof Valley, during Team Absa Training Camp weekend.

Next up is the 20th edition of the Absa Cape Epic, which starts on Sunday, 17 March 2024. This race has undoubtedly earned its rightful place as one of the most exhilarating and life-changing mountain biking races in the world.

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Absa steps forward as title sponsor for the African Icons Invitational: a commitment to support South African police families

Absa steps forward as title sponsor for the African Icons Invitational: a commitment to support South African police families

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Absa is thrilled to announce its title sponsorship of the African Icons Invitational, an annual cycling charity event set to take place from 22 to 25 February 2024, amid the captivating scenery of the Drakensberg.

This partnership follows Absa's donations and support to the charity over the past two years, solidifying its commitment to supporting African Icons’ mission to make a positive impact on South African police families who have lost their breadwinners in the line of duty.

African Icons comprises a three-stage mountain bike ride event set in the scenic Drakensberg, forming part of the African Icons Invitational series. These cycling events aim to generate funds to support the families of South African police officers who have made the ultimate sacrifice in the line of duty. The raised funds are directed to the Widows and Orphans Fund (WOF) and the SA Police Service Education Trust (SAPSET), offering direct assistance to the beneficiaries in areas where their needs require urgent support.

A group of 50 riders, including participants from Absa's #SheUntamed community, will start the four-day social expedition on 22 February, in the Drakensberg. The #SheUntamed community, an Absa initiative that promotes diversity and inclusion in cycling, focuses on empowering women in the cycling realm.

Rory Steyn, founder of the African Icons Invitational and former policeman of more than 17 years, says, "We are thrilled to welcome Absa as the title sponsor for the African Icons Invitational. Their support will empower us to reach more families and make a lasting impact on the lives of those affected by the loss of their loved ones in the line of duty."

In the pursuit of making a meaningful difference in the lives of South African police families, the Absa African Icons serves as a fundraising platform, bringing together cycling enthusiasts, supporters and some of the world's most esteemed athletes to champion the cause. Among the distinguished African Icons, are Greg Minnaar, a South African world champion mountain bike racer with four world championships to his name; Joel Stransky, a renowned former rugby union player celebrated for his role as a flyhalf, and particularly for scoring all South Africa's points, including the winning drop goal, in the 1995 Rugby World Cup final against New Zealand; and Caroline Matsimela, founder of Matsimela Ladies Clinics, an organisation teaching African ladies to cycle, and a mentor and ambassador to #SheUntamed, Absa’s initiative for women in cycling.

Tina Venter, Executive: Marketing Operations, Absa Group Marketing and Corporate Affairs, says, "Absa is proud to stand alongside the African Icons Invitational in its mission to support South African police families. Absa is playing an active role in building a better South Africa and living up to its commitment to being an active force for good in the communities in which it operates. We believe in the power of community and are committed to making a meaningful difference in the lives of those who have sacrificed so much for the safety and wellbeing of others."

To find out more about Absa African Icons, visit https://www.africanicons.org.za/, https://www.instagram.com/africaniconsinv/ on Instagram or https://www.absa.africa/media-centre/media-statements/.

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Absa Bank Retains Top Employer Certification for Third Consecutive Year Across Five Markets

Absa Bank Retains Top Employer Certification for Third Consecutive Year Across Five Markets

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A growing number of Absa’s workforce comprises of boomerang employees

Absa is proud to announce its continued recognition as a Top Employer for 2023 by the prestigious Top Employer Institute for the third consecutive year, across five markets – including South Africa, Zambia, Ghana, Botswana and Kenya. This certification reaffirms Absa’s commitment to maintaining exemplary people practice and initiatives that consistently meet and exceed rigorous global benchmarks.

The Top Employer Institute has acknowledged Absa’s outstanding performance in digital HR, learning, career development, ethics and integrity, placing the Group above industry standards. This recognition highlights Absa’s dedication to providing a human centred work environment, nurturing talent at all organisational levels, and continually optimising the employee experiences.

Jeanett Modise, Absa Group Chief People Officer, says “We are incredibly proud to receive this certification once again. This achievement underscores our unwavering commitment to fostering a workplace where excellence thrives, and our people practices set the standard for the industry. This recognition is a testament to the dedication of our entire team and reaffirms Absa’s position as a leading employer of choice in the financial services sector.”

In the journey towards building an empowering organisation, Absa launched our landmark broad-based black economic empowerment (B-BBEE) and staff scheme last year. The B-BBEE transaction includes a Colleague Share Scheme which will provide colleagues in South Africa with an equity ownership interest in Absa Group. Colleagues in participating ARO (Absa Regional Operations) and other international operations entities will participate in a Colleague Phantom Share Scheme, which is the cash equivalent of that implemented in South Africa. In naming the scheme eKhaya, meaning “home” in isiZulu, Absa captured this opportunity that has been created for each colleague to own a portion of our Absa home.

“This strategic move to award our employees with shares, not only reinforces Absa’s dedication to being an active force for good but also underscores the organisation’s mission of “Empowering Africa’s Tomorrow, Together, One Story at a Time”, Modise added.

The Top Employer certification also attests to Absa’s adoption of a flexible and hybrid work model, demonstrating a keen appreciation of the evolving Human Capital landscape. Absa’s leaders are equipped and experienced in leading winning teams remotely, showcasing the bank’s adaptability in the changing work environment.

“Another noteworthy achievement for Absa is that a growing number of its workforce comprises boomerang employees, reflecting the organisation’s culture and affirming that Absa is a place where employees find inspiration and continuously return. Boomerang employees are workers returning to a former employer after a stint working elsewhere. This statistic is a testament to Absa’s status as a great workplace, inspiring others in the industry”, Modise shares.

In 2023, Absa was rated top among “the 25 best workplaces to grow your career” in an annual survey by LinkedIn, the world’s largest professional network with more than 900 million members. Forbes also recognised the bank as a top African organisation championing women at work (ranked 36th out of 400 companies internationally). Lastly, Absa was also recognised in the fourth edition of Forbes’s World’s Best Employers ranking in the same year.

Absa remains committed to excellence, fostering diversity and inclusion, and empowering its workforce to shape a brighter future for Africa.

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Absa announces 20 all-women teams for the 20th anniversary of the Absa Cape Epic

Absa announces 20 all-women teams for the 20th anniversary of the Absa Cape Epic

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As the 2024 Absa Cape Epic gains momentum, Absa is intensifying its efforts to promote women's participation in the renowned mountain bike race through its enduring #SheUntamed initiative.

Launched in 2019, #SheUntamed reflects Absa's unwavering commitment to empower and support women, fostering inclusivity and breaking down barriers within the cycling realm.

2024 marks the 20th anniversary of the iconic Absa Cape Epic, and in celebration of this milestone, Absa is taking the #SheUntamed initiative to new heights. The bank is setting a bold goal to assemble a 20 all-women teams as part of Team Absa #SheUntamed 20for20. This commitment will ensure that 50% of the team comprises women of colour, constituting just over a third of the Team Absa peloton. This commitment extends to the Epic Trippers programme with an ongoing all-women Session 1.

Since inception of the #SheUntamed initiative, the bank has seen a remarkable surge in female participation in the race. The number has increased from 36 in its inaugural year to an impressive 146 in 2023. This achievement is largely attributed to Absa's purposeful initiatives, in collaboration with Cape Epic, which includes increased participation of women in the Team Absa line-up.

Tina Venter, Absa Executive for Marketing Operations, says, "The #SheUntamed initiative is a testament to Absa’s commitment to fostering diversity and inclusion in the world of cycling and living up to our commitment to being an active force for good in everything that we do. We are proud to announce the formation of these 20 teams, a significant step towards breaking down barriers and driving great participation of women in the sport. This affirms the banks mission of empowering Africa’s tomorrow, together, one story at a time."

Over the past two decades, Absa has played a pivotal role in the growth of the #SheUntamed initiative, reshaping the landscape of women's cycling by bringing possibilities to those who faced challenges in joining the race. The Absa Cape Epic has become a platform for stories of triumph, camaraderie, and sheer determination, as women from diverse backgrounds unite to conquer the challenging terrains of the Western Cape, forging lifelong friendships and creating unforgettable memories.

About #SheUntamed

The 20 all-women teams comprise both returning members and recruits who are currently undergoing training guided by the #SheUntamed coaches, including the Last Lioness Hannele Steyn, the only woman who has completed all Absa Cape Epics since its inception, alongside Sarah Hill, Erica Green, and Phillimon Sebona. Mentoring the teams are Caroline Matsimela and Remofilwe Moeketsi.

In the coming three months, Absa, in collaboration with its partners, will ensure that the Absa #SheUntamed 20for20 women are well-prepared for the exhilarating and life-changing mountain biking stage race. The bank has partnered with trusted mountain biking coaches, technicians, and nutritionists. The women will also participate in various mountain biking race events as part of their training to test their endurance and readiness.

“Absa is excited to witness the continued growth and success of the #SheUntamed initiative as it paves the way for a more inclusive and diverse landscape in the world of mountain biking. We wish our 20 all-women teams all the best at 2024 Absa Cape Epic scheduled to take place from 17 to 24 March starting at the Prologue, in Lourensford, to the grand finale, in Stellenbosch”, Venter concludes.

 

For more information, please contact

Daniel Munslow

Absa Group Managing Executive: Group Communications

PRmedia@absa.africa

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Wits Business School and Absa launch a Chair in Future Energy

Wits Business School and Absa launch a Chair in Future Energy

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Today, the University of the Witwatersrand Business School (WBS) announced a ground-breaking collaboration with Absa to enable the development of a new energy modelling laboratory.

The newly formed Absa Chair in Future Energy will house the laboratory, which will model real-time impacts to energy systems and value chains of a range of factors, such as technology disruption, climate change and changes in consumption patterns. The aim is to understand, predict and adapt to changes in energy supply and consumption from multiple sources.

Speaking at the launch of the Absa Chair in Future Energy at WBS, Professor Lwazi Ngubevana, Director of the African Energy Leadership Centre (AELC), said: “WBS and the AELC are committed to finding sustainable, long-term solutions to Africa’s energy crisis. We are extremely grateful to Absa for their funding of the Chair in Future Energy. This is a significant move forward in our quest to find ways, through research and data analytics, to optimise and balance energy supply and demand for the future wellbeing of our country and continent, especially given the region’s growing population.”

The R6 million funding from Absa will be directed over the next three years towards research into future energy modelling as well as access to computing resources to perform the complex modelling required. Work has already begun on this project and the first research paper, written by Prof Ngubevana and Post-doctoral Fellow, Dr Mgcini Tshwaku, titled “Energy Forecasting Models in developed and developing countries: A literature review,” was submitted to the WIREs Energy and Environment Journal.

According to Steven Zwane, Managing Executive of Corporate Citizenship at Absa Group, the funding reinforces Absa’s commitment to being an active force for good in everything that it does. “This investment is just one of the ways in which we are contributing to finding solutions to some of our country’s major challenges. By helping to strengthen the research capacity of WBS, we are supporting the institution’s ability to enable innovation in the energy sector, which will ultimately support efforts to create jobs and grow our economy, while addressing the energy crisis,” he said.

“Absa is proud to collaborate with WBS on this initiative,” said Justin Schmidt, Head of Manufacturing, Renewable Energy, Transport and Logistics at Absa Relationship Banking. “The energy sector in South Africa and Africa is changing ever so rapidly and has significant potential to make a meaningful contribution towards job creation and economic growth. The research through WBS will assist the private and public sector to make the most of technological advancements in energy, which is key for the localisation of the sector to increase at pace.”

“Absa looks forward to using this research – not only to create more enriched value propositions for clients, but to also advance the industry as a whole and bring further growth opportunities to the country,” Schmidt added.

The benefits of the research will be a deeper understanding of the impact of technological change, regulatory lags, climate change and climate-based market intervention, and social instability on energy supply and demand. Previously, these impacts had to be modelled in isolation, which reduced the accuracy of predictions.

The findings of the research will have application for government, agencies, researchers and the private sector to help to ensure that future energy supply is more resilient, more closely aligned to customer demand, more environmentally sensitive and more cost-effective for the consumer.

“As a business school, it is vital that we add our voice to the conversation around the energy mix in South Africa. Through the AELC, we are developing a pipeline of effective leaders who can manage the sector’s multiple challenges and, now, through the Absa Chair in Future Energy, we are able to use data to help build an integrated plan for the country’s future energy mix,” says Prof Maurice Radebe, Head and Director of WBS.

The Absa Chair in Future Energy will provide numerous opportunities for post-doctoral, PhD and Master’s students at WBS to contribute to research and analysis of energy modelling. The research outputs will be made available to other African researchers working on similar problems.

06/12/2023 WITS Absa Chair in Future Energy
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Absa Group’s Mauritius Subsidiary Agrees to Acquire HSBC Assets

Absa Group’s Mauritius Subsidiary Agrees to Acquire HSBC Assets

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Absa Group subsidiary Absa Bank (Mauritius) Limited has reached an agreement to acquire the domestic Wealth and Personal Banking and Business Banking business of The Hongkong and Shanghai Banking  Corporation Ltd. (HSBC) in Mauritius, subject to regulatory and other approvals.

“The transaction speaks to Absa’s growth aspirations in Africa where we see significant opportunity,” said Arrie Rautenbach, Absa Group Chief Executive Officer. “We remain purposeful in our efforts to create a more diversified business across geography, segment and product, and we will continue to deploy capital to attractive growth prospects across the continent as we deliver on our ambition to being a leading pan-African bank.”

The transaction also reinforces Absa Mauritius’s commitment to expanding as an influential role-player in the Mauritian economy.

The transaction will allow Absa Bank Mauritius the opportunity to further increase the scale of its Retail and Business Banking division, leveraging off existing resources, expertise and infrastructure such as its innovative digital solutions.

“We are proud to be taking over a solid portfolio from HSBC. We are committed to working closely with HSBC to secure all necessary approvals and ensure a seamless transition,” said Ravin Dajee, Managing Director, Absa Bank Mauritius.

The transaction is subject to specific conditions being fulfilled, including regulatory approvals, as is customary for a transaction of this nature.

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Absa Group contributes to the SAMLIT EWG Corruption report

Absa Group contributes to the SAMLIT EWG Corruption report

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Absa is proud to have played a leading role in the Corruption Expert Working Group (EWG) tasked with conducting essential research in support of raising awareness about the increase in the prevalence of corruption and, ultimately, avoiding its institutionalisation in South Africa.

The South African Anti-Money Laundering Integrated Task Force (SAMLIT) was formulated through a collaborative effort between the banking sector and government regulatory authorities to assess the potential adverse effects on South Africa’s financial system, the erosion of its democracy, and the exacerbation of persistently increasing poverty levels. The Expert Working Group, chaired by Absa Group colleagues, was then commissioned to deliver a report that will provide an understanding of the far-reaching impact of corruption in South Africa and how to better combat it. Following an intense 24 months of research, investigations and collaboration, the EWG successfully published a report detailing their findings.

Our role in this initiative is further testament to our commitment to be an active force for good.

To download the full report please visit https://www.sabric.co.za/industry-information/samlit/

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African markets boost financial resilience despite challenging global environment

African markets boost financial resilience despite challenging global environment

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The Absa Africa Financial Markets Index (AFMI) shows increase in overall scores for the second year running.

The Absa Africa Financial Markets Index 2023 reveals there has been continued progress in developing financial markets across Africa in the past year, with many AFMI countries taking steps to bolster their financial resilience.

Now in its seventh year, the index scores African countries’ financial development based on measures of market accessibility, openness and transparency. With support from the United Nations Economic Commission for Africa, coverage in this year’s report has grown to 28 economies with the addition of Cabo Verde and Tunisia. The aim of the report is to show how countries can reduce barriers to investment and boost sustainable growth.

To construct the index, the Official Monetary and Financial Institutions Forum (OMFIF) conducted extensive quantitative research and data analysis with surveys of over 50 organisations across Africa, including central banks, securities exchanges, regulators and market participants.

For the second year running, scores have risen for the majority of the AFMI countries. They increased in 15 countries largely due to an improvement in market transparency, particularly a rise in the number of credit ratings. Most countries also score higher as macroeconomic conditions have generally stabilised following shocks from the pandemic and the Russia-Ukraine conflict.

Key findings from the index include:

  • Among the biggest improvements in the overall score were Zimbabwe and Rwanda, rising by
    almost two points each, linked to progress in building sustainable financial market frameworks.
  • 71% of AFMI countries now implement some form of environmental, social, and governance initiatives, up from 57% in 2021. This is helping to mobilise new investment as sustainability becomes increasingly important to global investors.
  • Survey respondents in nine AFMI countries mentioned measures for improving central security depositories to enhance efficiency.
  • New assets are becoming available on domestic exchanges, including the first sukuk bonds in South Africa and Tanzania.
  • While not directly impacting scores, survey participants mentioned various financial inclusion policies to boost local investor capacity.

However, progress in the index has not been uniform. Each country experienced a lower score in at least one of the six pillars that make up the report. This is mainly due to unfavourable global conditions outside of African policymakers’ direct control. Rising interest rates in advanced economies have prompted exchange rate depreciation, capital outflows and weaker foreign exchange reserves across Africa. The challenging global environment has also impacted liquidity and the size of domestic financial markets.

The message is one of slow progress in building capital markets. In 17 countries, scores are higher this year than when they were first introduced to the index. But there is a wide gap between the highest scoring countries and the rest. Only the top five score above 60.

South Africa and Mauritius remain the only countries to score above 70 – as has been the case since 2019. This suggests there is plenty of scope for further improvement across the continent.

As summarised by Charles Russon, Chief Executive, Absa Corporate and Investment Bank, “Global markets have faced challenge after challenge in recent years, pushing many countries into ‘crisis mode’, focusing their efforts on dealing with the next problem and putting long-term structural reform on the back burner. Now in its seventh year, this index shows promising signs that Africa’s financial markets are weathering the storm, revealing how economies can supercharge sustainable growth despite the difficult global macroeconomic environment. Progress in ESG investments, boosting market transparency, and improving central security depositories are cementing Africa as a destination for capital investment. We look forward to continuing breaking down barriers to investment and improving Africa’s financial resilience.”

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Absa Group comes on board as naming sponsor for BEN-Africa Conference on business ethics

Absa Group comes on board as naming sponsor for BEN-Africa Conference on business ethics

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Absa Group is proud to announce its sponsorship of the Business Ethics (BEN) Africa Conference, taking place from 1 to 3 November 2023 in Gqeberha, formerly Port Elizabeth.

This year’s edition of the BEN-Africa Conference takes place at the Nelson Mandela University under the theme “Corruption: Ubuntu and the opportunity for change”. It brings together organisations, leaders and other stakeholders from private, public and non-profit organisations who have a shared passion for ensuring ethical decision-making is applied in all corners of business practices in Africa.

According to Absa Group Head of Compliance Akash Singh, the sponsorship comes at a time when there is growing recognition that sound ethics are the foundation of sustainable value creation and growth. “Organisations that are perceived to act ethically enjoy better business outcomes as their employees are trusted by the public to act with integrity, honesty and for the good of their customers and their communities,” Singh said.

“At a time when there have been several high-profile cases of business failures as a result of leaders not adhering to ethical standards, it is imperative on all of us to course correct by bringing business ethics back to the top of the business agenda and reinforcing the importance of moral integrity,” he added.

Absa Group leaders, including Group Head of Ethics Phumelele Zwane, Head of Financial Crime Nic Swingler, Managing Executive for Public Sector and Growth Capital at Corporate and Investment Banking Africa Stephen Seaka and Regional Executive for Physical Channels Pholushi Malesela, will also participate at the conference.

President of the Business Ethics Network of Africa Dr Bryan Robinson said he was pleased to have Absa on board as a sponsor to the conference. “We believe that it is only through collaborations with businesses, academia, civil society and other stakeholders across the continent that we will be able to elevate the importance of dialogue on how to promote moral integrity in all our business dealings in Africa. We are grateful that Absa Group has joined us in this very important mission to promote an environment of trust and integrity through dialogue,” he said.

As part of the sponsorship, Absa will also be hosting the Absa BEN-Africa Supplier Day on 31 October 2023, where small businesses will be given an opportunity to participate in the Ethically Aware Supplier Induction Programme.

The programme was developed by The Ethics Institute to raise awareness of ethical business practices in the supply chains of larger organisations, offering large organisations the opportunity to train their suppliers on ethical business practices. It is aimed at the executive management teams of SMEs and endeavours to equip these leaders with the tools to promote ethics in their organisations. SMEs that complete the programme will be accredited as “Ethically Aware”.

Absa Group Chief Procurement Officer Vusi Fele said the supplier day forms part of the Group’s commitment to ethical business practices and to being an active force of good in Africa by equipping its communities with the tools to operate with moral integrity.

“Creating value through sound governance is one of our business priorities and to this end, we require our suppliers to uphold high corporate governance standards and align with our ethics and human rights policies. We therefore support them through initiatives such as these to ensure their conduct and ethics align with ours,” Fele said.

This commitment was earlier this year recognised when Absa received the prestigious Chartered Institute of Procurement & Supply (CIPS) Ethics Kite Award, a testament to Absa Group’s ethical posture, and its approach to suppliers and service providers as embedded in the Absa Supplier Code of Ethics.

“We look forward to engaging and supporting small businesses in Gqeberha by promoting awareness of sound and ethical business practices,” Fele said, adding it was a further demonstration of Absa Group’s intention to be an active force for good for its communities, and empowering them for future success.

For more information about the BEN-Africa Conference, please visit https://www.benafrica.org/