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ABSA Bank awarded the Best Trade Finance Bank in South Africa at The Asian Banker Transaction Awards Programme 2018
Dubai, November 29th 2018- ABSA Bank was received the award for Best Trade Finance Bank at The Asian Banker MEA Risk and Transaction Awards 2018. The award ceremony was held in conjunction with the International Finance Dialogue, at Conrad, Dubai.
- ABSA Bank’s financial performance aligned with 15-20% growth target of market share.
- The Bank continued to expand its footprint of transaction banking across countries
- The Bank refined its technology focus on fraud prevention to bolster security
The MEA Risk and Transaction Awards Programme is designed to identify emerging best practices and outstanding achievements of the best-run risk management teams and evaluate their achievements in cash management, payments, and trade finance business. Taking on an audit-based approach from 2018, the recipients of these awards were determined through a combination of surveys, interviews and field research by The Asian Banker’s research staff.
ABSA Bank’s financial performance aligned with 15-20% growth target of market share.
ABSA Bank operates a fully integrated cash management and trade service business in its transaction banking division. In 2017, its income from transactions in South Africa increased by 9.5% and that from deposits increased by 15.1%. In addition, value of transactional services in trade jumped by 6.6%. Latest financial performance of ABSA Bank gives credit to its endeavours in achieving the 15-20% growth target of market share.
The Bank continued to expand its footprint of transaction banking across countries
In 2017, ABSA Bank secured large mandates for their transaction business across countries. Major mandates include launching a full transactional banking suite in Tanzania and Uganda to help its client centralize its banking activities. On the other hand, in Mauritius, excess funds have been invested in term deposits for tenors varying one to four months. Overall, ABSA Bank retained a 65% of transactional service income contribution to total income for markets outside South Africa.
The Bank refined its technology focus on fraud prevention to bolster security
On top of optimising technology to drive operational efficiencies and automation, ABSA bank refined its focus on fraud prevention. In particular, sim-swap related fraud incidents decreased after the launch of two-factor-authentication (2FA). Yet, there was an increase in phishing attacks which resulted in higher digital fraud losses. The Bank has invested in fraud prevention technologies such as device profiling and strengthened its fraud prevention capabilities in the online channels of transaction banking division.
At the awards ceremony, Emirates NBD was named the Best Cash Management and Transaction Bank in UAE. Other winning institutions include Egypt’s National Bank of Egypt, South Africa’s ABSA Bank, Qatar’s Commercial Bank, Barclays Bank Mauritius among others.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, 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.
For all Business Achievement Awards 2018 photos, please visit
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For more information please contact:
Mr. Foo Boon Ping
Managing Editor
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