Absa Bank Uganda Limited

Absa Bank Uganda Limited, formerly known as Barclays Bank of Uganda Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.[4] The bank is a subsidiary of Absa Group Limited, a financial services conglomerate, based in South Africa, with banking subsidiaries in 12 African countries and representative offices in two other African countries.[5] Absa Bank Group, whose shares trade on the JSE Limited, is reported to have total assets in excess of US$91 billion, as of October 2019.[6]  

Absa Bank Uganda Limited
TypeSubsidiary of Absa Group Limited
IndustryFinancial services
Founded1927 (1927)
HeadquartersKampala, Uganda
Key people
Nadine Byarugaba
Chairperson[1]
Mumba Kalifungwa
Managing Director and CEO[1]
ProductsLoans, checking, savings, investments, debit cards
Revenue Aftertax:UGX:78 billions (2019)[2]
Total assetsUGX:3.426 trillion (2019)[3]
Number of employees
850+ (2014)
WebsiteHomepage

Overview

The bank is primarily involved in meeting the banking needs of individuals, small and medium-sized businesses (SMEs), and large corporations. Before 2006, the bank focused on meeting the banking needs of only large corporations and high-net-worth individuals. That focus was loosened to include SMEs and regular customers.[7] As of December 2019, the bank's total assets were valued at UGX:3.426 trillion (approximately US$920 million), with shareholders' equity of UGX:487.728 billion (approximately US$130 million).[8] At that time, Absa Bank Uganda was the third-largest commercial bank in the country, by assets.[3]

History

The bank opened in 1927, with two branches in the capital city, Kampala, and one in Jinja, the country's second-largest commercial centre. In 1969, the bank acquired the Ugandan business of the Commercial Bank of Africa.[9] In February 2007, the bank completed its acquisition of Nile Bank Uganda Limited, strengthening its presence in the country.[10][11]

Ownership

In 1969, the bank's stock was 51 percent held by Barclays and 49 percent held by the government of Uganda.[9] By 2001, the bank had become a wholly owned subsidiary of Barclays.[12] Since March 2016, the bank has been wholly owned by the Barclays Africa Group.[13] With the re-branding of Barclays Africa Group, in 2018, Absa Bank Uganda is a 100 percent subsidiary of Absa Group Limited.[14]

Branch network

The bank's headquarters is at 2 Hannington Road, on Nakasero Hill, in Kampala. As of July 2013, the bank maintained branches at the following locations:[15][16]

  1. Bugoloobi Branch - 128 Spring Road, Bugoloobi, Kampala
  2. Hannington Road Branch - 2 Hannington Road, Nakasero, Kampala Main Branch
  3. Premier Banking Branch - Hannington Road at Shimoni Road, Nakasero, Kampala
  4. Garden City Prestige Centre - Garden City, Yusuf Lule Road, Kampala[17]
  5. Kampala Road Branch - 16 Kampala Road, Kampala
  6. Kansanga Branch - 529 Ggaba Road, Kansanga, Kampala
  7. Kawempe Branch - Katongole Building, 2522 Masindi Highway, Kawempe, Kampala
  8. Kireka Branch - 174 Kampala-Jinja Highway, Kireka
  9. Lubowa Branch - Quality Hill Shopping Complex, 1621 Lubowa Estate, Lubowa
  10. Lugazi Branch - 121 Kampala Road, Lugazi
  11. Lugogo Branch - 2-8 Lugogo Bypass Road, Lugogo
  12. Luwuum Street Branch - Luwum Street, Kampala
  13. Nakawa Branch - URA Customs Building, 1-3, Sebei Lane, Nakawa, Kampala
  14. Naakulabye Branch - 1254 City Petrol Station, Makerere Hill Road, Naakulabye
  15. Ndeeba Branch - 479 Masaka Road, Ndeeba, Kampala
  16. Ntinda Branch - Ntinda Shopping Mall, Kimera Road, Ntinda, Kampala
  17. Ovino Market Branch - Ovino Market, Kampala[18]
  18. Parliament Ave Branch - IPS Building, 14 Parliament Avenue, Kampala
  19. Rwenzori Courts Branch - 1 Lumumba Avenue, Nakasero Hill, Kampala
  20. Shauriyako Branch - 34-38 Nakivubo Road, Kampala
  21. Tankhill Parade Branch - 2683 Kisugu-Muyenga Road, Muyenga, Kampala
  22. UN Base Branch - United Nations Base, Entebbe
  23. Wandegeya Branch - 170 Bombo Road, Wandegeya, Kampala
  24. Abaita Ababiri Branch - Entebbe-Kampala Road, Abayita Ababiri
  25. Kitoro Branch - Kitoro, Entebbe
  26. Masaka Branch - 2 Broadway Street, Masaka
  27. Mukono Branch - Best Meals Building, Mukono
  28. Busia Border Branch - Busia Customs Yard, Busia
  29. Iganga Branch - 85 Main Street, Iganga
  30. Jinja Branch - 81 Main Street, Jinja
  31. Mbale Branch - Republic Street, Mbale
  32. Soroti Branch - 40 Gweri Road, Soroti[19]
  33. Tororo Branch - 4 Mbale Road, Tororo
  34. Arua Branch - 1D Transport Road, Arua
  35. Gulu Branch - 32 Gulu Avenue, Gulu
  36. Lira Branch - 10 Soroti Road, Lira
  37. Fort Portal Branch - 14 Bwamba Road, Fort Portal
  38. Hoima Branch - 56 Main Street, Hoima
  39. Ishaka Branch - Ishaka
  40. Kabale Branch - 190 Main Street, Kabale
  41. Kasese Branch - 68 Rwenzori Road, Kasese
  42. Masindi Branch - 77 Port Road, Masindi
  43. Mbarara Branch - 66 High Street, Mbarara

Name change

Beginning in August 2019, Barclays Bank of Uganda began re-branding to Absa Bank Uganda Limited.[20] The process concluded on 11 November 2019, when the legal and business names of the bank changed to Absa Bank Uganda Limited.[21][22]

Governance

The bank is governed by a board of directors. The chairman of the board is one of the non-executive directors. As of March 2020, the Acting Chairperson was Nadine Byarugaba.[23] Effective 1 April 2020 Mumba Kalifungwa began serving as the substantive Managing Director and CEO.[1]

The former managing director is Mian Nazim Mahmood. He was appointed in July 2019, as Interim CEO, while a substantive chief executive was being sought. Nazim holds a Bachelor of Business Administration degree, awarded by the University of Massachusetts, Amherst and a Master of Business Administration in Finance from Bentley College, in Waltham, Massachusetts, all in the United States.[24] Before that Rakesh Jha served in that position. He holds an MBA in Marketing gained from IMED and a Bachelor of Arts (BA) degree gained from the University of Mumbai. Immediately prior to his appointment as managing director, Jha was managing director of Barclays Bank Seychelles.[25]

See also

References
  1. Ashita Chopra (19 March 2020). "Absa appoints Mumba Kalifungwa new Absa Uganda MD". Daily Monitor. Kampala. Retrieved 19 March 2020.
  2. Taddewo William Senyonyi (29 April 2020). "Absa Bank Uganda Registers Shs78 Billion Net Profit In 2019". Kampala: Business Focus Uganda. Retrieved 5 May 2020.
  3. Muhereza Kyamutetera (4 May 2020). "Absa Bank Uganda's Assets Reach UGX3.4 Trillion, Moves From Fifth To Third Largest Bank, By Assets". Kampala: CEO Magazine Online. Retrieved 5 May 2020.
  4. Uganda Radio Network (12 November 2019). "ABSA Uganda Officially Drops Barclays Brand Name". Daily Monitor. Uganda. Retrieved 12 November 2019.
  5. "Absa Group Limited: About Us". Absa Group Limited. 2020. Retrieved 27 March 2020.
  6. Adrian Frey (23 October 2019). "Barclays in Mozambique rebranding as Absa Bank". Maputo: Club of Mozambique. Retrieved 27 March 2020.
  7. "Overview of Barclays Bank Uganda". Barclays Bank Uganda. Retrieved 2 May 2014.
  8. Absa Bank Uganda (27 February 2020). "Financial Statement As A 31 December 2019" (PDF). Kampala: Absa Bank Uganda. Retrieved 7 May 2020.
  9. Barclays Africa Group (31 December 2017). "Barclays Africa Group: Uganda: About Us: 1969". Johannesburg: Barclays Africa Group. Retrieved 31 December 2017.
  10. URN Reporter (20 December 2006). "Barclays Confirms Purchase of Nile Bank". Kampala: Uganda Radio Network (URN). Retrieved 4 August 2014.
  11. Lori Chang (22 January 2007). "UK-Based Financial Services Group Barclays Buys Nile Bank of Uganda and Plans to Enter Microfinance Sector in Uganda". MicroCapital. Archived from the original on 3 October 2016. Retrieved 4 August 2016.
  12. "Founding banks and building societies: Barclays Bank of Uganda Limited". Barclay Bank. 30 August 2015. Retrieved 30 August 2015.
  13. Khisa, Isaac (8 March 2016). "Uganda: Barclays to Get New Owners". The Independent (Uganda) via AllAfrica.com. Kampala. Retrieved 8 March 2016.
  14. Adengo, Jonathan (2 March 2018). "Barclays becomes Absa". Daily Monitor. Kampala. Retrieved 21 July 2018.
  15. "List of Branches of Barclays Bank Uganda". Barclays Bank Uganda. Retrieved 2 May 2014.
  16. Mwesigwa, Alon (15 January 2013). "Barclays Closes Branches, ATMs". The Observer (Uganda). Retrieved 2 May 2014.
  17. Ssonko, Kiganda (14 December 2008). "Multi Billion Shopping Center Opens In February 2009". New Vision. Archived from the original on 3 May 2014. Retrieved 2 May 2014.
  18. Sseppuya, Mikaili (21 May 2008). "Banks Rush for Ovino Market Shops". New Vision. Archived from the original on 3 May 2014. Retrieved 2 May 2014.
  19. Omoding, John (18 May 2008). "Barclays Goes To Soroti". New Vision (Kampala). Archived from the original on 18 May 2015. Retrieved 2 May 2014.
  20. Alfred Ochwo (15 August 2019). "Barclays Bank Starts Rebranding To Absa". The Observer (Uganda). Kampala. Retrieved 8 November 2019.
  21. Mwesigwa Alon (11 October 2019). "Barclays Uganda to Become Absa Uganda On November 11th". Kampala: Uganda Radio Network. Retrieved 11 November 2019.
  22. Paul Ampurire (11 November 2019). "BOU Issues Licence To Absa Uganda After Rebranding From Barclays Bank". Kampala: SoftPower Uganda. Retrieved 11 November 2019.
  23. Kenneth Kazibwe (19 March 2020). "Absa Uganda gets new Managing Director". Kampala: Nile Post Uganda. Retrieved 19 March 2020.
  24. Julius Businge (16 July 2019). "Barclays Bank Uganda Managing Director Rakesh Leaves". The Independent (Uganda). Kampala. Retrieved 11 November 2019.
  25. Nation Reporter (15 September 2014). "James Kinyany Appointed Barclays Seychelles' Interim Managing Director". Seychelles Nation. Seychelles. Retrieved 9 September 2014.

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