Absa Bank Botswana Limited

Absa Bank Botswana Limited (ABBL), formerly known as Barclays Bank of Botswana Limited, is a commercial bank in Botswana, licensed by the Bank of Botswana, the country's central bank and national banking regulator.[2]

Absa Bank Botswana Limited
TypePublic
Subsidiary of Absa Group Limited
BwSE: ABBL
IndustryFinancial services
Founded1950 (1950)
Key people
Oduetse Andrew Motshidisi
Chairman
Keabetswe Pheko-Moshagane
Managing Director and CEO
ProductsLoans, checking, savings, mortgages, debit and credit cards, wealth management, investments, etc.
Total assetsBWP:17,963 billion (US$1.609 billion)[1]
Number of employees
1,100 (2020)
Websitewww.absa.co.bw/personal/

Location

The headquarters of the bank are located at the 5th Floor, Building 4 Plaza, Plot 74358, in the central business district of Gaborone, the capital and largest city in Botswana.[3]

Overview

Absa Bank Botswana is a large financial services company, serving corporate clients, high networth individuals, retail customers and small and medium enterprises. As of June 2019, the bank had assets of BWP:17,963,238,000 (US$1.609 billion), with shareholders' equity of BWP:2,103,780,000 (US$188.438 million).[1]

This bank is a subsidiary of Absa Group Limited, a financial services conglomerate, headquartered in South Africa, with subsidiaries in 12 African countries and with assets in excess of US$87 billion as of 30 June 2017,[4] whose shares of stock trade on the Johannesburg Stock Exchange under the symbol ABG.[5]

History

According to the bank's website, it started operating in Botswana as a branch of Barclays Bank Plc of the United Kingdom, in 1950. In 1975, Barclays Bank of Botswana was incorporated as a legal business entity and continued to operate in the country, as a subsidiary of Barclays.[6] On 19 June 1989, the shares of the bank were listed on the Botswana Stock Exchange, where today, they trade under the symbol ABBL.[3]

Name change

Barclays Bank Plc, which owned 62.3 percent of Barclays Africa Group (BAG), the then majority shareholder of Barclays Bank of Botswana Limited in 2016, decided to divest its majority shareholding in BAG, worth £3.5 billion at that time. In 2017 Barclays reduced its shareholding in BAG to 14.9 percent.[7]

Subsequently, in 2018 BAG re-branded to Absa Group Limited. Under the terms of that re-brand, Absa has until June 2020 to change the names of its subsidiaries in 12 African countries.[8]

Beginning in December 2019, Barclays Bank Botswana Limited began re-branding to Absa Bank Botswana Limited.[9] The re-brand concluded on 10 February 2020, when both the bank's legal and business names became Absa Bank Botswana Limited.[10]

Governance

The bank is supervised by a five-person board of directors, chaired by Oduetse Andrew Motshidisi, one of the non-executive directors. The managing director and CEO is Keabetswe Pheko-Moshagane.[3]

See also

References
  1. Absa Bank Botswana Limited (30 June 2019). "Absa Bank Botswana Limited: Reviewed condensed consolidated financial statements for the period ended 30 June 2019" (PDF). Gaborone: Absa Bank Botswana Limited. Retrieved 24 March 2020.
  2. Bank of Botswana (24 March 2020). "Bank of Botswana: Banks: Absa Bank Botswana Limited". Gaborone: Bank of Botswana. Retrieved 24 March 2020.
  3. Botswana Stock Exchange (24 March 2020). "Profile of Absa Bank Botswana Limited". Gaborone: Botswana Stock Exchange. Retrieved 24 March 2020.
  4. Relbanks.com (July 2017). "Profile of Barclays Africa Group (now Absa Group Limited)". Relbanks.com. Retrieved 24 March 2020.
  5. Moneyweb (24 March 2020). "Financial overview of the JSE listed company Absa Group Ltd. (ABG)". Johannesburg: Moneyweb South Africa. Retrieved 24 March 2020.
  6. Absa Bank Botswana Limited (24 March 2020). "Absa Bank Botswana: About Us: Our History In Botswana". Gaborone: Absa Bank Botswana Limited. Retrieved 24 March 2020.
  7. Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times. London. Retrieved 24 March 2020.
  8. Reuters (11 July 2018). "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa. Retrieved 24 March 2020.
  9. Portia Nkani (9 December 2019). "Barclays Botswana rebrand to Absa gains momentum". The Sunday Standard. Gaborone. Retrieved 24 March 2020.
  10. Mbongeni Mguni (10 February 2020). "Barclays Botswana completes transformation to Absa". Mmegi Online. Gaborone. Retrieved 24 March 2020.

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