Absa Bank Uganda Limited

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Absa Bank Uganda Limited
TypeSubsidiary of Absa Group Limited
IndustryFinancial services
Founded1927; 94 years ago (1927)
HeadquartersKampala, Uganda
Key people
Nadine Byarugaba
Chairperson[1]
Mumba Kalifungwa
Managing Director and CEO[1]
ProductsLoans, checking, savings, investments, debit cards
RevenueIncrease Aftertax:UGX:40.718 billions (2020)[2]
Total assetsUGX:3.543 trillion (2020)[2]
Number of employees
850+ (2014)
WebsiteHomepage

Absa Bank Uganda Limited, formerly known as Barclays Bank of Uganda Limited, is a commercial bank in Uganda. It is licensed by the Bank of Uganda, the central bank and national banking regulator.[3] The bank is a subsidiary of Absa Group Limited, a financial services conglomerate, based in South Africa, with banking subsidiaries in 12 African countries and representative offices in two other African countries.[4] Absa Bank Group, whose shares trade on the JSE Limited, is reported to have total assets in excess of US$91 billion, as of October 2019.[5]  

Overview[]

The bank is primarily involved in meeting the banking needs of individuals, small and medium-sized businesses (SMEs), and large corporations. Before 2006, the bank focused on meeting the banking needs of only large corporations and high-net-worth individuals. That focus was loosened to include SMEs and regular customers.[6] As of December 2020, the bank's total assets were valued at UGX:3.543 trillion (approximately US$983.4 million), with shareholders' equity of UGX:521.956 billion (approximately US$145 million).[2] As of 31 December 2019, Absa Bank Uganda was the third-largest commercial bank in the country, by assets.[7]

History[]

The bank opened in 1927, with two branches in the capital city, Kampala, and one in Jinja, the country's second-largest commercial centre. In 1969, the bank acquired the Ugandan business of the Commercial Bank of Africa.[8] In February 2007, the bank completed its acquisition of Nile Bank Uganda Limited, strengthening its presence in the country.[9][10]

Ownership[]

In 1969, the bank's stock was 51 percent held by Barclays and 49 percent held by the government of Uganda.[8] By 2001, the bank had become a wholly owned subsidiary of Barclays.[11] Since March 2016, the bank has been wholly owned by the Barclays Africa Group.[12] With the re-branding of Barclays Africa Group, in 2018, Absa Bank Uganda is a 100 percent subsidiary of Absa Group Limited.[13]

Branch network[]

The bank's headquarters is at 2 Hannington Road, on Nakasero Hill, in Kampala. As of July 2013, the bank maintained branches at the following locations:[14][15]

  1. Bugoloobi Branch - 128 Spring Road, Bugoloobi, Kampala
  2. Hannington Road Branch - 2 Hannington Road, Nakasero, Kampala Main Branch
  3. Premier Banking Branch - Hannington Road at Shimoni Road, Nakasero, Kampala
  4. Garden City Prestige Centre - Garden City, Yusuf Lule Road, Kampala[16]
  5. Kampala Road Branch - 16 Kampala Road, Kampala
  6. Kansanga Branch - 529 Ggaba Road, Kansanga, Kampala
  7. Kawempe Branch - Katongole Building, 2522 Masindi Highway, Kawempe, Kampala
  8. Kireka Branch - 174 Kampala-Jinja Highway, Kireka
  9. Lubowa Branch - Quality Hill Shopping Complex, 1621 Lubowa Estate, Lubowa
  10. Lugazi Branch - 121 Kampala Road, Lugazi
  11. Lugogo Branch - 2-8 Lugogo Bypass Road, Lugogo
  12. Luwuum Street Branch - Luwum Street, Kampala
  13. Nakawa Branch - URA Customs Building, 1-3, Sebei Lane, Nakawa, Kampala
  14. Naakulabye Branch - 1254 City Petrol Station, Makerere Hill Road, Naakulabye
  15. Ndeeba Branch - 479 Masaka Road, Ndeeba, Kampala
  16. Ntinda Branch - Ntinda Shopping Mall, Kimera Road, Ntinda, Kampala
  17. Ovino Market Branch - Ovino Market, Kampala[17]
  18. Parliament Ave Branch - IPS Building, 14 Parliament Avenue, Kampala
  19. Rwenzori Courts Branch - 1 Lumumba Avenue, Nakasero Hill, Kampala
  20. Shauriyako Branch - 34-38 Nakivubo Road, Kampala
  21. Tankhill Parade Branch - 2683 Kisugu-Muyenga Road, Muyenga, Kampala
  22. UN Base Branch - United Nations Base, Entebbe
  23. Wandegeya Branch - 170 Bombo Road, Wandegeya, Kampala
  24. Abaita Ababiri Branch - Entebbe-Kampala Road, Abayita Ababiri
  25. Kitoro Branch - Kitoro, Entebbe
  26. Masaka Branch - 2 Broadway Street, Masaka
  27. Mukono Branch - Best Meals Building, Mukono
  28. Busia Border Branch - Busia Customs Yard, Busia
  29. Iganga Branch - 85 Main Street, Iganga
  30. Jinja Branch - 81 Main Street, Jinja
  31. Mbale Branch - Republic Street, Mbale
  32. Soroti Branch - 40 Gweri Road, Soroti[18]
  33. Tororo Branch - 4 Mbale Road, Tororo
  34. Arua Branch - 1D Transport Road, Arua
  35. Gulu Branch - 32 Gulu Avenue, Gulu
  36. Lira Branch - 10 Soroti Road, Lira
  37. Fort Portal Branch - 14 Bwamba Road, Fort Portal
  38. Hoima Branch - 56 Main Street, Hoima
  39. Ishaka Branch - Ishaka
  40. Kabale Branch - 190 Main Street, Kabale
  41. Kasese Branch - 68 Rwenzori Road, Kasese
  42. Masindi Branch - 77 Port Road, Masindi
  43. Mbarara Branch - 66 High Street, Mbarara

Name change[]

Beginning in August 2019, Barclays Bank of Uganda began re-branding to Absa Bank Uganda Limited.[19] The process concluded on 11 November 2019, when the legal and business names of the bank changed to Absa Bank Uganda Limited.[20][21]

Governance[]

The bank is governed by a board of directors. The chairman of the board is one of the non-executive directors. As of March 2020, the Acting Chairperson was Nadine Byarugaba.[22] Effective 1 April 2020 Mumba Kalifungwa began serving as the substantive Managing Director and CEO.[1]

The former managing director is Mian Nazim Mahmood. He was appointed in July 2019, as Interim CEO, while a substantive chief executive was being sought. Nazim holds a Bachelor of Business Administration degree, awarded by the University of Massachusetts, Amherst and a Master of Business Administration in Finance from Bentley College, in Waltham, Massachusetts, all in the United States.[23] Before that Rakesh Jha served in that position. He holds an MBA in Marketing gained from IMED and a Bachelor of Arts (BA) degree gained from the University of Mumbai. Immediately prior to his appointment as managing director, Jha was managing director of Barclays Bank Seychelles.[24]

See also[]

References[]

  1. ^ Jump up to: a b c Ashita Chopra (19 March 2020). "Absa appoints Mumba Kalifungwa new Absa Uganda MD". Daily Monitor. Kampala. Retrieved 19 March 2020.
  2. ^ Jump up to: a b c Absa Bank Uganda (29 March 2021). "Financial Statement As A 31 December 2020" (PDF). Kampala: Absa Bank Uganda. Retrieved 21 April 2021.
  3. ^ Uganda Radio Network (12 November 2019). "ABSA Uganda Officially Drops Barclays Brand Name". Daily Monitor. Uganda. Retrieved 12 November 2019.
  4. ^ "Absa Group Limited: About Us". Absa Group Limited. 2020. Retrieved 27 March 2020.
  5. ^ Adrian Frey (23 October 2019). "Barclays in Mozambique rebranding as Absa Bank". Maputo: Club of Mozambique. Retrieved 27 March 2020.
  6. ^ "Overview of Barclays Bank Uganda". Barclays Bank Uganda. Retrieved 2 May 2014.
  7. ^ Muhereza Kyamutetera (4 May 2020). "Absa Bank Uganda's Assets Reach UGX3.4 Trillion, Moves From Fifth To Third Largest Bank, By Assets". Kampala: CEO Magazine Online. Retrieved 5 May 2020.
  8. ^ Jump up to: a b Barclays Africa Group (31 December 2017). "Barclays Africa Group: Uganda: About Us: 1969". Johannesburg: Barclays Africa Group. Retrieved 31 December 2017.
  9. ^ URN Reporter (20 December 2006). "Barclays Confirms Purchase of Nile Bank". Kampala: Uganda Radio Network (URN). Retrieved 4 August 2014.
  10. ^ Lori Chang (22 January 2007). "UK-Based Financial Services Group Barclays Buys Nile Bank of Uganda and Plans to Enter Microfinance Sector in Uganda". MicroCapital. Archived from the original on 3 October 2016. Retrieved 4 August 2016.
  11. ^ "Founding banks and building societies: Barclays Bank of Uganda Limited". Barclay Bank. 30 August 2015. Retrieved 30 August 2015.
  12. ^ Khisa, Isaac (8 March 2016). "Uganda: Barclays to Get New Owners". The Independent (Uganda) via AllAfrica.com. Kampala. Retrieved 8 March 2016.
  13. ^ Adengo, Jonathan (2 March 2018). "Barclays becomes Absa". Daily Monitor. Kampala. Retrieved 21 July 2018.
  14. ^ "List of Branches of Barclays Bank Uganda". Barclays Bank Uganda. Retrieved 2 May 2014.
  15. ^ Mwesigwa, Alon (15 January 2013). "Barclays Closes Branches, ATMs". The Observer (Uganda). Retrieved 2 May 2014.
  16. ^ Ssonko, Kiganda (14 December 2008). "Multi Billion Shopping Center Opens In February 2009". New Vision. Archived from the original on 3 May 2014. Retrieved 2 May 2014.
  17. ^ Sseppuya, Mikaili (21 May 2008). "Banks Rush for Ovino Market Shops". New Vision. Archived from the original on 3 May 2014. Retrieved 2 May 2014.
  18. ^ Omoding, John (18 May 2008). "Barclays Goes To Soroti". New Vision (Kampala). Archived from the original on 18 May 2015. Retrieved 2 May 2014.
  19. ^ Alfred Ochwo (15 August 2019). "Barclays Bank Starts Rebranding To Absa". The Observer (Uganda). Kampala. Retrieved 8 November 2019.
  20. ^ Mwesigwa Alon (11 October 2019). "Barclays Uganda to Become Absa Uganda On November 11th". Kampala: Uganda Radio Network. Retrieved 11 November 2019.
  21. ^ Paul Ampurire (11 November 2019). "BOU Issues Licence To Absa Uganda After Rebranding From Barclays Bank". Kampala: SoftPower Uganda. Retrieved 11 November 2019.
  22. ^ Kenneth Kazibwe (19 March 2020). "Absa Uganda gets new Managing Director". Kampala: Nile Post Uganda. Retrieved 19 March 2020.
  23. ^ Julius Businge (16 July 2019). "Barclays Bank Uganda Managing Director Rakesh Leaves". The Independent (Uganda). Kampala. Retrieved 11 November 2019.
  24. ^ Nation Reporter (15 September 2014). "James Kinyany Appointed Barclays Seychelles' Interim Managing Director". Seychelles Nation. Seychelles. Retrieved 9 September 2014.

External links[]

Coordinates: 00°19′14.5″N 32°35′12″E / 0.320694°N 32.58667°E / 0.320694; 32.58667

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