5 November 2020, Singapore — Absa Bank South Africa received the award for Best Retail Bank in Africa at the Middle East and Africa Regional Awards Virtual Ceremony 2020 presented by The Asian Banker.
The bank achieved growth in gross loans, advances and overall retail revenue
Absa Bank South Africa is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42,000 employees. With over $2 billion in retail revenue, the bank has grown its retail deposits by over 10% in 2019. Despite the tough operating environment, Absa Bank has grown its gross loans and advances by 7%, and it was able to maintain its revenue momentum with a retail revenue growth improving to 3%.
The bank achieved a market share growth in retail deposits, loans and advances
Absa Bank South Africa achieved a market share growth in retail deposits, loans and advances including personal loans, new home loans and vehicle finance. In 2019, its customer base reached around 9.7 million. In 2019, Absa introduced core financial crime systems replacement to implement a customer risk profiling, customer screening, anti-money laundering transaction monitoring, alert and case management, list management as well as social network analysis.
The bank launched an extensive relief plan for customers impacted by COVID-19
The bank launched an extensive relief plan for customers impacted by COVID-19. Eligible customers in need of short-term liquidity relief will qualify for the relief plan that applies to Absa’s credit products. These relief measures apply to Absa’s corporate, wealth, business bank, private bank and retail customers. The plan incorporates a three-month payment relief and allows customers in need of short-term financial relief to reduce their monthly instalments.
About The Asian Banker International
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
You may visit the Excellence in Retail Financial Services page at http://awards.asianbankerforums.com/retailfinancial/
For further information, you may get in touch with:
Mr. Mobasher Zein Kazmi
Head of Research
Tel: (+61) 452 514 145