Absa: Best SME Partner Bank Africa 2018
Amalgamated Banks of South Africa (Absa) was founded in 1991 through the merger of financial services providers UBS Holdings and Allied & Volkskas. Fourteen years on, Barclays Bank purchased a controlling interest in Absa – its largest-ever investment outside the United Kingdom. In early 2018, Barclays reduced its stake to below the 15 percent mark, which reinvigorated the Absa brand after a $1bn investment from Barclays to cover separation-related expenses. Absa, under the earlier company style of Barclays Africa Group, was the winner – for three consecutive years, 2015 to 2017 – of CFI.co’s SME Partner Bank award. The CFI.co judging panel has insisted that Absa be recognised again for its performance in 2018 because, in the judges’ unanimous view, Absa’s policies and programmes in support of Small and Medium Enterprises (SMEs) continue to lead the way throughout the African continent. The award is made to recognise outstanding efforts in support of a vital economic sector: SMEs are responsible for a third of Africa’s economic output. The Absa Enterprise Development Programme helps to stimulate economic growth by providing training for entrepreneurs, as well as business development support and access to markets. Competitive funding rates at Absa further encourage SME development. The driving force at Absa is the notion of “Africanacity”: a quintessentially African ability to find ways of getting things done. The judging panel takes the view that Absa is continuing to get things done for SMEs, and responds admirably to the sector’s needs. Without hesitation, CFI.co confirms Absa as the 2018 winner of the award Best SME Partner Bank Africa.
