Browsing: Absa Group

Absa group in a shocking decision move closed down Absa Money Market Fund (AMMF), worth around $5,623,236,000. But according to the Prudential Authority [PA], they had no concerns regarding the group’s decision after its long engagements with the bank since last year.

The bank’s official line is that its decision to close the fund was based on an independent review that found clients believed investments in the fund enjoyed the same safety guarantees as cash held in a bank account. This was partly due to the fund’s rather unusual integration into Absa’s banking system as it allowed investors to make withdrawals from the fund directly from ATMs not a typical feature of most unit trusts.

The South African Reserve Bank (SARB) said the Prudential Authority (PA) had a number of engagements with Absa Group (AGL) during the course of 2020 and 2021 on the proposed closure of the Absa Money …

Central Bank of Kenya has cracked the whip against the Absa Bank in Kenya for failure to conduct proper tracing of the source of money in a flagged transaction in March 2020. Consequently,  the regulator has slapped the bank with a week- from Thursday, April 9 to Wednesday, April 15, 2020- suspension from trading in forex.

In a statement, CBK notes that this failure contravenes anti-money laundering regulations which stipulates adherence to the proper tracing of funds passing through the bank.

A statement by CBK reads, “In investigating these and other earlier transactions it is evident that Absa Kenya did not have a satisfactory assurance of the underlying commercial transactions supporting these trades, as is required, nor did the bank ensure the standard checks on anti-money laundering and combating the financing of terrorism (AML/CFT) and know-your-customer (KYC) requirements were applied.”

Kenya has been keen to contain the flow of illicit …

Barclays Bank in Mozambique is to rebrand as Absa Bank from November 11, Rui Barros the Deputy Director announced yesterday.

Speaking at a press conference in Maputo, he said they have introduced the new logo at ATMs and counters in Mozambique to ensure a gradual and natural change.

The bank is in 49 locations in Mozambique with two-thirds of the brand change already underway and operations expected to be concluded in the next two months.

Mr Barro assured that cards, accounts, access keys and cheques in Mozambique would remain active and functional during the rebranding period. He added that the Barclays branded cards and checks would not be restricted after November 11th and will gradually replace them over the coming months.

“The bank is about to enter a new stage, with great opportunities that will allow us to realize our ambition for growth as an independent African bank,” Mr Barros …

Barclays Bank (Kenya) has registered a flat growth in profit for the first quarter of 2019 as ongoing rebranding to Absa continues to impact its balance sheet.

The Nairobi Securities Exchange (NSE) listed lender has reported a Ksh1.89 billion (US$18.7million) net profit for the period under review, a marginal 0.5 per cent growth compared to Ksh1.88billion (US$18.6million) posted in a similar period last year.

READ:Barclays Bank Q1 profit up 8% despite squeeze on loan book

This is despite gains on interest earnings and reduced expenses during the quarter.

Quarterly results published through the NSE shows total interest income edged up 7.2 per cent to close at Ksh7.4 billion (US$73million), compared to Ksh6.9 billion (US$68million) posted in Q1 of 2018.

Interest income from loans and advances to customers was Ksh5.4 billion, a 3.8 per cent up from Ksh5.2 billion in a corresponding period last year.

That from government securities and …