Parent Company: Barclays Africa Group Limited
Brand Value: $2,019 mil.
Headquarter City: Johannesburg
Year Formed: 1991
Absa is a diversified standalone African financial services group, delivering an integrated set of products and services across personal and business banking, corporate and investment banking, wealth, investment management and insurance. Absa Bank was founded through the merger of United and Allied Banks, the Volkskas Bank Group and the Sage Group. After a number of acquisitions that had operated as separate brands, Absa consolidated them all under the Absa Bank umbrella brand to offer "simple, uncomplicated banking relationships, value for money, stability, convenience and superior customer service". In May 2005, Barclays Bank of the United Kingdom purchased a majority stake in Absa, its largest investment outside the UK and the largest direct foreign investment in South Africa, which led to the next thirteen years of rebranding under Barclays. In 2018, Barclays Africa announced the group's name would revert to Absa Group Limited, which entailed a dynamic new rebranding campaign. Its 2017 revenues were up 4% from the prior year to R50 billion. Absa has long supported South African communities by investing in economic growth and entrepreneurship emphasizing job growth and equality. As a result, its brand is synonymous with good will and local support which has garnered considerable favor with South Africans across the country.