| Absa Bank Mozambique | |
| Type: | Subsidiary of Absa Group Limited |
| Location: | Rani Towers Maputo, Mozambique |
| Key People: | Victor Gomes Chairman[1] Pedro Carvalho Managing Director[2] |
| Industry: | Financial services |
| Products: | Loans, checking, savings, investments, debit cards |
| Homepage: | Homepage |
Absa Bank Mozambique, formerly known as Barclays Bank Mozambique, is a commercial bank in Mozambique. It is licensed by the Bank of Mozambique, the central bank and national banking regulator.[3]
The bank is a large retail bank that serves the banking needs of individuals, small and medium-sized businesses (SMEs), and large corporations. It is a member of the South African banking conglomerate, Absa Group Limited, whose stock is traded on the Johannesburg Stock Exchange and whose total assets exceeded US$91 billion, as of October 2019.[4]
The bank's headquarters is at Rani Towers, in the central business district of Maputo, the capital and largest city in Mozambique.[1], the bank maintained branches in multiple locations across the country.[5]
In 2016, Barclays Bank Plc, which owned 62.3 percent of Barclays Africa Group (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.[6] In 2017 Barclays reduced its shareholding in BAG to 14.9 percent.[4] [7]
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.[8]
Beginning in October 2019, Barclays Bank Mozambique began re-branding to Absa Bank Mozambique.[4] [9] The re-brand concluded on 11 November 2019, when both the bank's legal and business names became Absa Bank Mozambique.[10]
The bank is governed by a board of directors. The chair of the board is one of the non-executive directors. The current chairperson is Victor Gomes.[1] The managing director of the bank is Pedro Carvalho.[2]