ABSA Group Limited

South Africa
Africa & Middle East

https://www.absa.africa/absaafrica/

Industry:Banking
Date joined:6 February, 2019

Corporate Profile 

Absa is one of Africa’s largest diversified financial services providers. It has a presence in 12 countries across the continent as well as an international presence in the United Kingdom. Absa offers an integrated suite of products and services across retail, business, corporate, investment and wealth banking as well as investment management and insurance. Absa is inspired by the people it serves and determined to be a Group that is globally respected and that Africa can be proud of. Absa is committed to finding local solutions to uniquely local challenges and everything Absa does focuses on adding value.

The Group is listed on the Johannesburg Stock Exchange (the JSE) and owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Barclays and National Bank of Commerce), Uganda and Zambia. Absa also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania, and Zambia. Internationally, Absa has an office in London, England and is pursuing a corporate strategy to procure licenses in the United States.

Sustainability Strategy 

As a leading African financial institution, Absa is mindful that Absa plays an important role, both as a financier and stakeholder, in enabling sustainable economic development for its clients, customers, societies and economies in which it operates. Absa acknowledges the sustainability challenges inherent to the globe and Africa, such as social inequality, a growing population, increasing unemployment and pressure on natural resources including water.  In addition to energy, poverty and infrastructure deficits, climate change is a significant threat to food production in particular and economic growth in general.

By conserving natural resources and driving diversity, financial inclusion, education, and enterprise development, Absa contributes to the societies and natural environment in which it operates. As well as sustainability, and that of the communities around it depends on its ability to effectively use and manage the resources in its value chain.

Absa recognises that its approach to sustainability has to strike a fine balance between addressing the risks associated with climate change on one hand; and economic growth and sustainable development on the other hand.  It will also take into account the different policies and climate change commitments made by governments and international frameworks, in particular, those pertaining to the financial sector. 

As a member of UNEP FI, Absa is able to gain insights into emerging knowledge and best practice in key environmental, social and governance (ESG) areas while working with local, regional and global peers along with other stakeholders in the development of sustainable finance practice and thus helping to shape the future direction and sustainability in the financial sector.

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