Absa Group

{{Short description|South African banking conglomerate}} {{About|the banking conglomerate primarily operating within certain African countries|its flagship South African bank from which its name originated|Absa Bank Limited|other uses|ABSA (disambiguation)}} {{Use South African English|date=May 2024}} {{Use dmy dates|date=May 2024}} {{Infobox company | name = Absa Group | logo = | logo_caption = Logo used since 2018 | former_name = {{ubl|Amalgamated Banks of South Africa (ABSA) (1991–2005)|Barclays Africa Group Limited (2005–2018)}} | type = Public | traded_as = {{jse|ABG}}<ref name="ABG">{{cite web|date=25 July 2018|url=https://www.jse.co.za/jse/instruments/5016|title=Absa Group Limited|website=JSE Limited|access-date=25 July 2018}}</ref> | foundation = {{start date and age|1986}}<ref name="ABSAStart" /> | location = {{nowrap|Johannesburg, South Africa}}<ref>{{cite web|title=Contact Us|url=https://www.absa.africa/contact-us/|website=Absa Group Limited|access-date=11 July 2022}}</ref> | key_people = {{ubl | René van Wyk (Group Chairman) | Kenny Fihla (Ag. Group CEO)<ref name="2025_Fihla">{{cite web |title=Absa Group Appoints Kenny Fihla as Group Chief Executive Officer |url=https://www.absa.africa/media-statements/2025/absa-group-appoints-kenny-fihla-as-group-chief-executive-officer/ |website=Absa Africa |date=17 June 2025 |access-date=13 May 2025}}</ref> }} | area_served = {{ubl|Botswana|Ghana|Kenya|Mauritius|Mozambique|Namibia|Nigeria|Seychelles|South Africa|Tanzania|Uganda|Zambia}} | num_employees = 36,779<ref>{{cite web |title=Integrated Report 2024 |url=https://www.absa.africa/wp-content/uploads/2025/04/Absa-Group-Limited-Integrated-Report.pdf |access-date=18 September 2025}}</ref> | num_employees_year = 2024 | revenue = {{increase}} {{ZAR|109.95}}{{nbsp}}billion<ref name="AFS 2024" /> | revenue_year = 2024 | operating_income = {{increase}} {{ZAR|95.65}}{{nbsp}}billion<ref name="AFS 2024" /> | income_year = 2024 | net_income = {{increase}} {{ZAR|30.65}}{{nbsp}}billion<ref name="AFS 2024" /> | net_income_year = 2024 | assets = {{increase}} {{ZAR|2.07}}{{nbsp}}trillion<ref name="AFS 2024">{{cite web |title=AFS ABSAg 2024 |url=https://www.absa.africa/wp-content/uploads/2025/03/Absa-Group-Annual-Consolidated-and-Separate-Financial-Statements-single-page.pdf |access-date=18 September 2025 |page=23{{endash}}25}}</ref> | assets_year = 2024 | equity = {{increase}} {{ZAR|183.28}}{{nbsp}}billion<ref name="AFS 2024"/> | equity_year = 2024 | industry = {{ubl|Banking|Financial services|Investment services|Insurance services}} | products = {{ubl|Commercial banking|Financial services|Retail banking|Credit cards|Private equity|Investment management|Investment banking}} | subsid = List of subsidiaries | homepage = {{URL|https://www.absa.africa/}} }}

'''Absa Group Limited''', commonly known and stylized simply as '''absa''' (formerly the Amalgamated Banks of South Africa (ABSA) until 2005 and Barclays Africa Group Limited until 2018), is a multinational banking and financial services conglomerate based in Johannesburg, South Africa and listed on the Johannesburg Stock Exchange. It offers personal and business banking, credit cards, corporate and investment banking, wealth and investment management and bank assurances.<ref name="6R">{{cite web|title=Country operations|url=https://www.absa.africa/about-us/country-operations/|website=Absa Group Limited|access-date=27 March 2020}}</ref>

Operating in 10 Sub-Saharan African countries including in-house South Africa, Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia,<ref name="6R" /> the conglomerate maintains representative offices in Namibia and Nigeria<ref name="6R" /> and internationals offices in London<ref name="2018_Reff6">{{Cite web|date=13 September 2018|title=Absa opens UK office, hopes to profit from post-Brexit trade in Africa|url=https://www.news24.com/fin24/Companies/Financial-Services/absa-opens-uk-office-to-entice-post-brexit-trade-in-africa-20180913|website=News24|access-date=4 February 2021|language=en-US}}</ref> and New York City,<ref name="2019_Reff7">{{cite web|last1=Rumney|first1=Emma|last2=Richardson|first2=Alex|date=11 November 2019|title=South Africa's Absa to open New York office by end of the year|url=https://www.reuters.com/article/us-absa-new-york/south-africas-absa-to-open-new-york-office-by-end-of-the-year-idUSKBN1XL1EP|website=Reuters|access-date=16 February 2020}}</ref> as well as a technology support office in the Czech Republic.<ref>{{Cite web |title=Absa Technology Prague s.r.o · Milevská 2095/5, 140 00 Praha 4-Krč, Czechia |url=https://www.google.com/maps/place/Absa+Technology+Prague+s.r.o/@50.0492164,14.4380576,15z/data=!4m6!3m5!1s0x470b9587a0747bfb:0x93f379dc602fff7d!8m2!3d50.0492164!4d14.4380576!16s%2Fg%2F11kb6_mrmx?entry=tts |access-date=2023-12-11 |website=Absa Technology Prague s.r.o · Milevská 2095/5, 140 00 Praha 4-Krč, Czechia |language=en}}</ref> Absa had assets of R1.9 trillion as of June 2024.<ref>[https://www.absa.africa/wp-content/uploads/2024/08/Results-booklet-for-the-period-ended-30-June-2024-double-page.pdf R1.9 trillion as of June 2024]</ref><ref>{{Cite web |title=ABSA Results, 31 December 2024 |url=https://www.absa.africa/wp-content/uploads/2025/03/Results-booklet-for-the-period-ended-31-December-2024-single-page.pdf |access-date=May 20, 2025 |website=Absa Africa |language=en }}</ref><ref name="1R" />

Absa Group Limited recently announced that its board of directors has appointed Kenny Fihla, a senior financial services executive with 20 years of experience, as its new Group Chief Executive Officer, effective 17 June 2025, and subject to regulatory approval.<ref>{{Cite web |last=rho |date=2025-03-17 |title=Absa Group Appoints Kenny Fihla as Group Chief Executive Officer |url=https://www.absa.africa/media-statements/2025/absa-group-appoints-kenny-fihla-as-group-chief-executive-officer/ |access-date=2025-03-28 |website=Absa Group {{!}} Welcome to Absa Group Limited |language=en-US}}</ref>

==History== thumb|International Presence|260px

===Formation of ABSA and Barclays Africa Group Limited (1991–2017)=== Absa Group began with the incorporation '''Amalgamated Banks of South Africa (ABSA) Limited''' in 1986 from a merger of the United Building Society Holdings South Africa, Allied Bank South Africa, Volkskas Bank Group and certain interests of the Sage Group.<ref name="ABSAStart">{{Cite web|url=https://www.archive.barclays.com/items/show/5402 |title=ABSA Group Limited | archive-url=https://web.archive.org/web/20160105171517/https://www.archive.barclays.com/items/show/5402|archive-date=5 January 2016|work=Barclays Group Archives|publisher=Barclays PLC|access-date=28 December 2015}}</ref> In 1992, ABSA acquired the entire shareholding of the Bankorp Group (which included TrustBank, Senbank and Bankfin).<ref name="ABSAStart" /> In 1997, ABSA changed the name of the holding company to ''ABSA Group Limited'' and adopted a new corporate identity. It consisted of four main operating divisions, whose brands; "United", "Volkskas", "Allied" and "TrustBank" brands were retired the following year in favor of the ABSA brand.<ref name="ReferenceA">{{Cite web| date=1 November 2013| title=Better late than never for Barclays-Absa merger |url=http://www.euromoney.com/Article/3135687/Africa-Better-late-than-never-for-Barclays-Absa-merger.html |website=Euromoney |author=Chris Wright |access-date=31 August 2017}}</ref>

In May 2005, Barclays of the United Kingdom purchased 56.4 percent stake in Absa,<ref>{{Cite web| date=31 March 2005 | title=ABSA Group 2005 Annual Report |work=ABSA Group Limited | url=http://www.sharedata.co.za/Data/000134/pdfs/ABSA_ar_05.pdf | access-date=7 January 2016}}</ref> which was criticized by the then-governor of the South African Reserve Bank, Tito Mboweni, who said he "had yet to see the benefits of Barclays' management of Absa".<ref>{{cite web| url=http://www.highbeam.com/doc/1G1-161250139.html |archive-url=https://web.archive.org/web/20121104093309/http://www.highbeam.com/doc/1G1-161250139.html|archive-date=4 November 2012 | title=Mboweni fires confounding salvo at Barclays | work=Business Report |date=30 March 2007 |access-date=30 December 2017}}</ref> With the acquisition, Absa Group Limited was rebranded as '''Barclays Africa Group Limited'''.

=== eBank charges (2005-2012) === [[File:Absa Group logo on exterior of head office building in Johannesburg, South Africa (1).jpg|thumb|Absa Group in Johannesburg, South Africa, 2018]] Finweek Bank Charges Reports from 2008 through 2010<ref name="FIN-20080819">{{cite web |work=Fin24.com |access-date=2008-08-19 | url=http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-24_2376287 |title=SA's most expensive bank: Absa | author=David McKay |archive-url=https://web.archive.org/web/20080819003434/http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-24_2376287 |archive-date=19 August 2008 |df=dmy-all }}</ref> found Barclays Africa Group Holdings Limited to be the most expensive bank in South Africa.<ref name="FIN-20090904">{{cite web|url=http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-1786_2551870 |title=SA outraged by bank 'fleecing' |publisher=Fin24.com |author=((Fin24.com reporter)) |access-date=2009-11-11 |archive-url=https://web.archive.org/web/20090910075553/http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-1786_2551870 |archive-date=10 September 2009 |df=dmy }}</ref><ref name="FIN-20100827">{{cite web |url=http://www.fin24.com/Money/Money-Clinic/SAs-most-expensive-bank-20100927-2 |title=SA's most expensive bank |publisher= Fin24.com |author=((Fin24.com reporter)) |date=27 September 2010 |access-date=9 February 2011 }}</ref><ref name="Afriforum">{{cite web |url=http://fromtheold.com/news/south-africa/afriforum-standard-bank-absa-south-africas-most-expensive-banks-20672 |title=Afriforum: Standard Bank and Absa is South Africa's most expensive banks |publisher=Afriforum |date=3 November 2010 |access-date=9 February 2011 |archive-url=https://web.archive.org/web/20101106015533/http://fromtheold.com/news/south-africa/afriforum-standard-bank-absa-south-africas-most-expensive-banks-20672 |archive-date=6 November 2010 |df=dmy-all }}</ref> Pay-as-you-transact (PAYT) fees increased 82 percent from 2005 to 2010.<ref name="FIN-20100827"/> The 2012, Finweek Bank Charges Report ranked Absa's Gold Value Bundle as the cheapest package option amongst the four banks that were compared. The report has also shown Absa's PAYT pricing structure to have reduced by 25 percent by 2013, leaving it third cheapest in the overall ranking at that time.<ref>{{cite web |url=http://finweek.com/wp-content/uploads/2013/01/Finweek-report-on-bank-charges_2012.pdf |title=Finweek reports on bank charges. 2012 |access-date=4 March 2014 |archive-date=30 August 2013 |archive-url=https://web.archive.org/web/20130830174806/http://finweek.com/wp-content/uploads/2013/01/Finweek-report-on-bank-charges_2012.pdf }}</ref>

In 2013, the group acquired the entire issued share capital of Barclays Africa Limited and issued 129,540,636 consideration shares to Barclays Africa Group Holdings Limited (a wholly owned subsidiary of Barclays) thus increasing the shareholding of Barclays plc to 62.3 percent.<ref name="2018_Reff8">{{cite web| date=2018-03-02|title=Why Barclays Africa is rebranding back to Absa "with an African identity" |work=African Business | url=https://african.business/2018/03/economy/barclays-africa-rebranding-back-absa-african-identity/ |access-date=2022-01-20 |language=en-GB}}</ref> The Consideration Shares were listed on the JSE from the commencement of trading on 31 July 2013. The name change from "Absa Group Limited" to "Barclays Africa Group Limited" was completed in August 2013.<ref name="2018_Reff8"/>

In 2017, the South African Public Protector, Busisiwe Mkhwebane, found that the bailout of R1.125 billion that Absa's predecessor Bankorp Group had received between 1985 and 1992 from the Reserve Bank was illegal, and recommended that Absa be forced to pay back R2.25 billion, the current equivalent of the amount.<ref>{{Cite news|url=http://mg.co.za/article/2017-01-13-00-absa-may-have-to-pay-back-apartheid-era-bailout-billions|title=Absa may have to pay back apartheid-era bailout billions|last2=de Wet|first1=Athandiwe|last1= Saba|first2= Phillip |newspaper=The M&G Online|language=en|access-date=2017-01-18}}</ref><ref>{{Cite web|url=http://www.huffingtonpost.co.za/2017/01/16/dont-let-the-politics-get-in-the-way-of-understanding-this-expl/|title=Don't Let The Politics Get In the Way Of Understanding This Explosive Detail In Mkhwebane's Absa Report|website=Huffington Post South Africa|access-date=2017-01-18|archive-url=https://web.archive.org/web/20170118181639/http://www.huffingtonpost.co.za/2017/01/16/dont-let-the-politics-get-in-the-way-of-understanding-this-expl/|archive-date=18 January 2017}}</ref> The report was set aside by the Pretoria High Court,<ref>{{Cite news|last=Groenewald |first=Yolandi |date=16 February 2018 |title=Public Protector's ABSA bailout report set aside |newspaper=Mail & Guardian |location=Johannesburg, South Africa |url=https://mg.co.za/article/2018-02-16-public-protectors-absa-bailout-report-set-aside |archive-url=https://web.archive.org/web/20180613170459/https://mg.co.za/article/2018-02-16-public-protectors-absa-bailout-report-set-aside |archive-date=13 June 2018 |url-status=live |df=dmy}}</ref> finding that "The public protector did not conduct herself in a manner which would be expected from a person occupying the office of the public protector."<ref>{{Cite news|last1=Feltham |first1=Luke |last2=Kekana |first2=Mashadi |date=13 June 2018 |title=The case against Mkhwebane |newspaper=Mail & Guardian |location=Johannesburg, South Africa |url=https://mg.co.za/article/2018-06-13-the-case-against-mkhwebane}}</ref> The court assessed some costs of the case ''personally'' against Mkhwebane due to her conduct,<ref>{{Cite news|last=Bateman |first=Barry |date=28 March 2018 |title=Mkhwebane loses appeal on costs order in Absa-Bankorp matter |newspaper=Eye Witness News (EWN) |url=http://ewn.co.za/2018/03/28/mkhwebane-loses-appeal-on-costs-order-in-absa-bankorp-matter |archive-url=https://web.archive.org/web/20180328144621/http://ewn.co.za/2018/03/28/mkhwebane-loses-appeal-on-costs-order-in-absa-bankorp-matter |archive-date=28 March 2018 |url-status=live |df=dmy}}</ref><ref>{{Cite news|last=Maughan |first=Karyn |date=9 July 2018 |title=Busisiwe Mkhwebane still fighting R900'000 legal bill |newspaper=Times Live |publisher=Tiso Blackstar Group |location=Johannesburg, South Africa |url=https://www.timeslive.co.za/news/south-africa/2018-07-09-busisiwe-mkhwebane-still-fighting-r900000-legal-bill/ |archive-url=https://web.archive.org/web/20180709074313/https://www.timeslive.co.za/news/south-africa/2018-07-09-busisiwe-mkhwebane-still-fighting-r900000-legal-bill/ |archive-date=9 July 2018 |url-status=live |df=dmy}}</ref> an order upheld by the Constitutional Court of South Africa in July 2019.<ref>{{cite web|url=https://www.fin24.com/Economy/breaking-concourt-uhpholds-cost-order-against-mkhwebane-rules-she-was-not-honest-in-absa-investigation-20190722|title=ConCourt upholds cost order against Mkhwebane, rules she was 'not honest' in Absa investigation|date=22 July 2019|first=Tehillah|last=Niselow|publisher=News24}}</ref><ref>{{Cite web|url=https://www.timeslive.co.za/news/south-africa/2019-07-22-public-protector-busisiwe-mkhwebane-must-pay-after-falsehoods-over-bankorp/|title=Public protector Busisiwe Mkhwebane must pay up in Reserve Bank/Absa matter|website=TimesLIVE|language=en-ZA|access-date=2019-07-29}}</ref><ref>{{Cite web|url=https://www.dailymaverick.co.za/article/2019-07-23-bad-faith-dishonest-biased-reprehensible-behaviour-not-up-to-standard-falsehoods-the-storm-that-broke-over-mkhwebane/|title=MKHWEBANE JUDGMENT: Bad faith, dishonest, biased, reprehensible behaviour, not up to standard, falsehoods — the storm that broke over Mkhwebane|last=Wyk|first=Pauli Van|website=Daily Maverick|date=22 July 2019 |language=en|access-date=2019-07-29}}</ref>

=== Absa Group Limited (2018-present) === Barclays Bank Plc in 2018 owned 14.9 percent of Absa Group Limited.<ref name="2019_Reff3">{{cite web|date=17 July 2018 |url=http://www.daily-mail.co.zm/absa-assures-barclays-customers-of-smooth-transition/ |title=Absa Assures Barclays Customers of Smooth Transition |newspaper=Zambia Daily Mail |access-date=9 November 2019 | location=Lusaka |author=Nancy Mwape}}</ref> In March 2018, Barclays Africa announced the group's name would revert to Absa Group Limited, effective 30 May 2018.<ref>{{cite news |title=Proposed Change of Name |date=1 March 2018 | url=https://www.barclaysafrica.com/content/dam/barclays-africa/bagl/pdf/sens/2018/jan-jun/barclays-africa-group-name-change.pdf|access-date=7 May 2018|publisher=Barclays Africa Group Limited|archive-url=https://web.archive.org/web/20180508054126/https://www.barclaysafrica.com/content/dam/barclays-africa/bagl/pdf/sens/2018/jan-jun/barclays-africa-group-name-change.pdf |archive-date=8 May 2018}}</ref> The company underwent rebranding in 2018, inclusive of a new logo and slogans.<ref>{{cite web| url=https://businesstech.co.za/news/banking/257755/here-is-absas-brand-new-look/ |title=Here is Absa's brand new look | publisher=BusinessTech |date=2018-07-11 |access-date=2018-07-11}}</ref>

Absa opened an international office in London in September 2018,<ref name="2018_Reff6"/> then in 2019, opened another international office in New York City.<ref name="2019_Reff7"/> As of October 2019, according to ''Club of Mozambique'', Absa Group Limited had total assets in excess of R1.9 trillion as of June 2024.<ref>[https://www.absa.africa/wp-content/uploads/2024/08/Results-booklet-for-the-period-ended-30-June-2024-double-page.pdf R1.9 trillion as of June 2024]</ref><ref name="1R">{{cite web | url=https://clubofmozambique.com/news/barclays-in-mozambique-rebranding-as-absa-bank-145292/ |title=Barclays in Mozambique rebranding as Absa Bank |date=23 October 2019 |access-date=14 November 2019 |author=Adrian Frey |publisher=Club of Mozambique | location=Maputo}}</ref> ABGL in 2020 was the majority shareholder of 11 banks located in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (two entities), Uganda and Zambia.<ref name="6R"/> In March 2022, Sello Moloko was appointed group chairman and Arrie Rautenbach was appointed CEO, and its fourth CEO in three years. The company had been without a CEO for eleven months after the abrupt resignation of Daniel Mminele.<ref name="2022_Reff1">{{cite web|date=29 March 2022|title=Absa Bank appoints Arrie Rautenbach as new CEO, ending leadership vacuum|url=https://www.businesslive.co.za/bd/companies/financial-services/2022-03-29-absa-bank-appoints-new-ceo-ending-leadership-vacuum/|website=Business Live|access-date=29 March 2022}}</ref> In August 2022, Barclays Plc sold its remaining stake in Absa, which it had acquired in 2005, selling 7.4 percent of Absa's issued capital for $620 million.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2022-08-31/barclays-to-exit-absa-group-in-latest-retreat-from-africa|title=Barclays Exits Absa Group in Latest Retreat from Africa|newspaper=Bloomberg |date=31 August 2022|access-date=26 March 2023|via=www.bloomberg.com}}</ref>

== Overview and structure ==

[[File:Absa Centre Cape Town, 2023.jpg|thumb|455x455px|ABSA Center on Heerengracht Street, in Foreshore, Cape Town]] thumb|ABSA's old branding, shown on the ABSA Center in Cape Town before the signage was replaced

Absa Group Limited's shares are listed on the JSE Limited stock exchange.<ref name="2019_Reff3"/> In 2020, Absa Bank Kenya and Absa Bank Botswana continue to be listed on their respective stock exchanges.<ref>{{cite web| url=http://www.weekendpost.co.bw/wp-news-details.php?nid=7292 |title=Absa Resumes Trading on BSE | newspaper=Weekend Post Botswana |date=18 February 2020 | author=Kenneth Mosekiemang |access-date=27 March 2020 | place=Gaborone}}</ref>

=== Major shareholders === Below is the Absa Group's 10 largest shareholders as at June 2023:<ref>{{Cite web |title=Shareholders |url=https://www.absa.africa/investor-relations/shareholders/ |access-date=2023-12-12 |website=Absa Group {{!}} Welcome to Absa Group Limited |language=en-US}}</ref>

{| class="wikitable" |- ! style="background:#ABCDEF" | Current majority shareholders ! style="background:#ABCDEF" | June 2023 (%) |- | Public Investment Corporation (SA) || style="text-align:right;" | 5.15 |- | BlackRock, Inc. (US, UK) || style="text-align:right;" | 4.98 |- | M&G (US, UK) || style="text-align:right;" | 4.96 |- | Ninety One (SA) || style="text-align:right;" | 4.68 |- | Old Mutual (SA) || style="text-align:right;" | 4.40 |- | Citigroup Global Markets|| style="text-align:right;" | 4.02 |- | The Vanguard Group (US, AU) || style="text-align:right;" | 3.94 |- | Investec Securities<ref>[https://www.investec.com/en_za.html Investec Securities]</ref> (SA) || style="text-align:right;" | 3.89 |- | Sanlam Investment Management (SA) || style="text-align:right;" | 3.32 |- | Others || style="text-align:right;" | 60.66 |}

{| class="wikitable" |- ! style="background:#ABCDEF" | Geographical holding (by owner) ! style="background:#ABCDEF" | June 2023 (%) |- | United Kingdom || style="text-align:right;" | 7.52 |- | South Africa || style="text-align:right;" | 61.66 |- | United States and Canada || style="text-align:right;" | 19.32 |- | Other countries || style="text-align:right;" | 11 |}

=== Subsidiaries ===

* Absa Bank Limited (100%) * Absa Financial Services Limited (100%) * Absa Bank Botswana (67.8%) * Absa Bank Ghana (100%) * Absa Bank Kenya (68.5%) * Absa Bank Mauritius (100%) * Absa Bank Mozambique (98.1%)<ref name="1R2">{{cite web|author=Adrian Frey|date=23 October 2019|title=Barclays in Mozambique rebranding as Absa Bank|url=https://clubofmozambique.com/news/barclays-in-mozambique-rebranding-as-absa-bank-145292/|access-date=14 November 2019|publisher=Club of Mozambique|location=Maputo}}</ref> * Absa Bank Seychelles (99.8%) * Absa Bank Uganda (100%) * Absa Bank Zambia (100%) * National Bank of Commerce Limited (55%) * Absa Bank Tanzania (100%)

== Legal matters == === ABSA v. Sweet === {{Main| ABSA v Sweet}}

=== Mortgage loans misconduct=== In South Africa, banks must secure consent from the borrower if the bank wishes to securitise the loan, allowing the bank to bundle in the loan with other loans and sell it to new owners.<ref name="acts1" /><ref name="acts2" /><ref name="newera">{{cite web|url=http://www.newera.org.za/wp-content/uploads/2012/11/Securitisation-A-Conspiracy-of-Silence.pdf |title=Securitisation: a conspiracy of silence |publisher=New Economic Rights Alliance |access-date=2 December 2014 |archive-url=https://web.archive.org/web/20140921073132/http://www.newera.org.za/wp-content/uploads/2012/11/Securitisation-A-Conspiracy-of-Silence.pdf |archive-date=21 September 2014 |df=dmy }}</ref>

In 2014, South African courts made a number of rulings against Absa's mortgage loan division in a number of previous summary judgements against clients who had taken out loans with the bank and who the bank had accused of defaulting on their loans. In August 2014, Absa brought a case against James Grobbelaar and Kevin Jenzen for allegedly defaulting on their home loans. However, Absa was unable to provide proof of the loan agreements, claiming that they had been destroyed in a fire in 2009 and instead presented an unsigned blank loan agreement.<ref name="acts1">{{cite web | url=http://news.acts.co.za/blog/2014/08/smack-down-for-absa-in-joburg-high-court | title=Smack down for Absa in Joburg High Court | publisher=ACTS | date=4 August 2014 | access-date=2 December 2014}}</ref>

In November 2014, Absa withdrew a similar case it had brought in the North Gauteng High Court against Emmarentia and Monica Liebenberg for allegedly defaulting on loans taken out in 2007, with the bank being unable to provide a copy of the signed documents that the bank claimed to be the loan agreement they were enforcing.<ref name="acts2">{{cite web | url=http://news.acts.co.za/blog/2014/11/absa-gets-snotklapped-in-pretoria-high-court-by-womens-army | title=Absa gets snot-klapped in Pretoria High Court by women's army | publisher=ACTS | date=30 November 2014 | access-date=2 December 2014}}</ref> The Liebenberg's accused the bank of trying to bully them "into submission, by threatening legal costs and expenses and by pursuing a wrongful summary judgement application knowing full well the massive disputes involved". The Liebenbergs also stated in their affidavit that the bank had inflated the interest rate of the loan and charged additional fees that had never been agreed to and would have been illegal even if they had been written into a signed agreement.<ref name="acts2" />

== References == {{Reflist}} * {{Cite web |title=Financial results |url=https://www.absa.africa/investor-relations/financial-results/ |access-date=2025-05-20 |website=Absa Group {{!}} Welcome to Absa Group Limited |language=en-US}}

== External links == {{Commons category}} * {{official website}}

{{DEFAULTSORT:Absa Group Limited}} Category:Absa Group Limited Category:Banks of South Africa Category:Barclays Category:Banks established in 1986 Category:Financial services companies established in 1986 Category:Companies listed on the Johannesburg Stock Exchange Category:South African companies established in 1986 Category:Companies in the FTSE/JSE Top 40 Index