Absa Bank Zambia Plc, formerly Barclays Bank of Zambia, is a commercial bank in Zambia. It is licensed by the

Bank of Zambia The Bank of Zambia (BoZ), is the central bank of Zambia. Overview The principal responsibility of the bank is to create and implement monetary policy that will maintain the economic stability of the country. The Bank is active in promoting financ ...

, the central bank and national banking regulator.

Location

The

headquarters Headquarters (commonly referred to as HQ) denotes the location where most, if not all, of the important functions of an organization are coordinated. In the United States, the corporate headquarters represents the entity at the center or the to ...

and main branch of Absa Bank of Zambia are located at 4643 and 4644 Elunda Office Park, Addis Ababa Round About, in the city of

Lusaka Lusaka (; ) is the Capital city, capital and largest city of Zambia. It is one of the fastest-developing cities in southern Africa. Lusaka is in the southern part of the central plateau at an elevation of about . , the city's population was ab ...

, Zambia's capital city. The geographical

coordinates In geometry, a coordinate system is a system that uses one or more numbers, or coordinates, to uniquely determine the position of the points or other geometric elements on a manifold such as Euclidean space. The order of the coordinates is sig ...

of the bank's headquarters are:

Overview

The bank is a large financial institution in Zambia. The institution serves the banking needs of large corporations, small and medium sized enterprises, individuals and government departments. As of 31 December 2019, the bank's total assets were valued at ZMW:12.019 billion (US$688.19 million), with shareholders' equity of ZMW:1,164,777,000 (US$66.7 million). As of December 2019, the bank employed 847 people in Zambia.

History

According to its website, Barclays Bank has been present in Zambia since 1918. However, the bank was licensed in its present form in 1974. The bank is a member of the

Absa Group Limited Absa Group Limited (ABGL; formerly Barclays Africa Group Limited), and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and invest ...

, which was a

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

of Barclays Bank Plc., until June 2017, when Barclays Plc decided to sell down its shares in the group. In March 2018,

Barclays Africa Group Absa Group Limited (ABGL; formerly Barclays Africa Group Limited), and originally Amalgamated Banks of South Africa, is a South African-based financial services group, offering personal and business banking, credit cards, corporate and invest ...

made a decision to re-brand to

Name change

In 2016,

Barclays Bank Plc Barclays () 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. Barclays traces ...

, owned 62.3 percent of

(BAG). At that time BAG was the

parent company A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own shares of other companies ...

of Barclays Bank of Zambia. Barclays decided to divest its majority shareholding in BAG, worth £3.5 billion then. In December 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 had until June 2020 to change the names of its

subsidiaries A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a sa ...

in 12 African countries. In Zambia, the re-brand concluded on 10 February 2020, when both the bank's legal and business names became Absa Bank Zambia Plc.

Branch network

, the bank maintained a network of over 47 branches.

Governance

The Chairperson of the

Board of Directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

of Barclays Bank Zambia, is Chishala Kateka. Mizinga Melu, serves as the Managing Director of the bank.

References

External links

Website of Absa Bank Zambia

Website of Bank of Zambia
{{coord, 15, 24, 49, S, 28, 18, 11, E, display=title Banks of Zambia Absa Group Limited Companies based in Lusaka Banks established in 1918 1918 establishments in Northern Rhodesia