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. In 1992, ABSA acquired the entire shareholding of the Bankorp Group (which included TrustBank, Senbank and Bankfin). In May 2005,
Barclays of the
United Kingdom purchased 56.4 percent stake in Absa, 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". With the acquisition, Absa Group Limited was rebranded as
Barclays Africa Group Limited.
eBank charges (2005-2012) , 2018 Finweek Bank Charges Reports from 2008 through 2010 found Barclays Africa Group Holdings Limited to be the most expensive bank in South Africa. Pay-as-you-transact (PAYT) fees increased 82 percent from 2005 to 2010. 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. 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. The report was set aside by the
Pretoria High Court, 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." The court assessed some costs of the case
personally against Mkhwebane due to her conduct, an order upheld by the
Constitutional Court of South Africa in July 2019.
Absa Group Limited (2018-present) Barclays Bank Plc in 2018 owned 14.9 percent of Absa Group Limited. In March 2018, Barclays Africa announced the group's name would revert to Absa Group Limited, effective 30 May 2018. The company underwent rebranding in 2018, inclusive of a new logo and slogans. Absa opened an international office in London in September 2018, 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. 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. == Overview and structure ==