Absa Bank Mozambique, formerly known as Barclays Bank Mozambique, is a

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

Mozambique Mozambique, officially the Republic of Mozambique, is a country located in Southeast Africa bordered by the Indian Ocean to the east, Tanzania to the north, Malawi and Zambia to the northwest, Zimbabwe to the west, and Eswatini and South Afr ...

. It is licensed by the Bank of Mozambique, the

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

and national banking regulator.

Overview

The bank is a large retail bank that serves the banking needs of individuals,

small and medium-sized businesses Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by many national agencies and international organizat ...

(SMEs), and large corporations. It is a member of the

South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. Its Provinces of South Africa, nine provinces are bounded to the south by of coastline that stretches along the Atlantic O ...

n banking conglomerate,

Absa Group Limited 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 ba ...

, whose

stock Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

is traded on the

Johannesburg Stock Exchange JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange) is the largest stock exchange in Africa. It is located in Sandton, Johannesburg, South Africa, after it moved from downtown Johannesburg in 2000. In 2003 ...

and whose total assets exceeded US$91 billion, as of October 2019.

Branch network

The bank's headquarters is at Rani Towers, in the

central business district A central business district (CBD) is the Commerce, commercial and business center of a city. It contains commercial space and offices, and in larger cities will often be described as a financial district. Geographically, it often coincides wit ...

Maputo Maputo () is the Capital city, capital and largest city of Mozambique. Located near the southern end of the country, it is within of the borders with Eswatini and South Africa. The city has a population of 1,088,449 (as of 2017) distributed ov ...

, the capital and largest city in Mozambique. , the bank maintained branches in multiple locations across the country.

Name change

In 2016,

Barclays Bank Plc Barclays PLC (, occasionally ) is a British multinational universal bank, headquartered in London, England. Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services ...

, which owned 62.3 percent of

Barclays Africa Group 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 ba ...

(BAG), the then parent company of Barclays Bank of Mozambique, 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. Following those events, BAG re-branded to Absa Group Limited in 2018. Under the terms of that re-brand, Absa has until June 2020 to change the names of its subsidiaries in 12 African countries. Beginning in October 2019, Barclays Bank Mozambique began re-branding to Absa Bank Mozambique. The re-brand concluded on 11 November 2019, when both the bank's legal and business names became Absa Bank Mozambique.

Governance

The bank is governed by a

board of directors A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency. The powers, duties, and responsibilities of a board of directors are determined by government regulatio ...

. The chair of the board is one of the non-executive directors. The current chairperson is Victor Gomes. The managing director of the bank is Pedro Carvalho.

References

External links

Website of Absa Bank Mozambique
{{coord, 25, 58, 28, S, 32, 34, 27, E, display=title Banks of Mozambique