Absa Bank Tanzania

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Absa Bank Tanzania Limited
Company type Subsidiary of Absa Group Limited
Industry Banking
Founded1925;99 years ago (1925)
HeadquartersAbsa House, Ohio Street, Kivukoni, Dar es Salaam, Tanzania
Key people
Abdi Mohamed (Managing Director) [1]
Sabiha Gulam (Chief Operating Officer) [2]
Products Loans, Transaction accounts, Savings, Investments, Debit Cards
RevenueIncrease2.svgAftertax:TSh 1.075 billion (US$650,000) (Q1:2013)
Total assets TSh 634.34 billion (US$382 million) (March 2013)
Number of employees
490 (2017)
Parent Absa Group
Website Company website

Absa Bank Tanzania Limited (ABT), formerly Barclays Bank Tanzania Limited, is a commercial bank in Tanzania and a subsidiary of South Africa-based Absa Group Limited. ABT is licensed by the Bank of Tanzania, the country's central bank and national banking regulator. [3]

Contents

Location

The headquarters and main branch of Barclays Bank of Tanzania Limited are located in Barclays House, along Ohio Street, in the city of Dar es Salaam, the financial capital and largest city of Tanzania. [4] The geographical coordinates of the bank's headquarters are: 06°48'40.0"S, 39°17'12.0"E (Latitude:-6.811111; Longitude:39.286667). [5]

Overview

BBT is a large financial services provider in Tanzanian, serving large corporations, small-to-medium enterprises, and individuals. As of March 2013, its total assets were valued at about TSh 634.34 billion (US$382 million). [6] As of December 2013, BBT had 87,000 customers and 42 automated teller machines, and maintained 24 networked branches. [7]

History

ABT was established in Tanzania in 1925. In 1967, it was nationalized and converted into the National Bank of Commerce, Tanzania's largest bank by assets. With the liberalization of the economy in the 1990s, Barclays Bank Plc re-entered the country, resuming business in 2000. [8]

As at March 2016, Barclays Bank Plc. was seeking regulatory approval in Tanzania to merge this bank with National Bank of Commerce (Tanzania) in which Barclays maintains 55% shareholding. [9]

Name change

In 2016, Barclays Africa Group (BAG) was owned 62.3 percent by Barclays Plc of the United Kingdom. In February that year, Barclays decided to downsize it shareholding in BAG, valued at £3.5 billion, then. [10] In December 2017, Barclays reduced its shareholding in BAG to 14.9 percent. [11]

In 2018, BAG re-branded to Absa Group Limited.Under the terms of that re-brand, Absa has until June 2020 to change the names of its subsidiaries in 12 African countries. [12]

In Tanzania, the re-brand concluded on 11 February 2020, when both the bank's legal and business names became Absa Bank Tanzania Limited. [13]

Branch network

As of May 2023, the bank maintained a network of 15 branches at the following locations: [14]

  1. Ohio Street Branch - Barclays House, Ohio Street, Dar es Salaam Main Branch
  2. Slipway Branch - Msasani, Dar es Salaam
  3. Alpha House Branch - New Bagamoyo Road, Dar es Salaam
  4. Mikocheni Branch - Old Bagamoyo Road, Mikocheni, Dar es Salaam
  5. Pugu Branch - Nyerere Road, Dar es Salaam
  6. City Mall Branch - City Mall, Dar es Salaam
  7. Arusha Sopa Plaza Branch - Sopa Plaza, Serengeti Road, Arusha
  8. Mbeya Branch - Mwanjelwa, Mbeya
  9. Morogoro Branch - Lumumba Road, Morogoro
  10. Moshi Branch - Mawenzi Road, Moshi
  11. Dodoma Branch - Madukani Road, Dodoma
  12. Iringa Branch - Iringa
  13. Mwanza City Centre Branch - Rock City Mall, Mwanza
  14. Tanga Branch - King Street, Tanga
  15. Zanzibar Main Branch - Zanzibar State Trading Corporation Building, Zanzibar

See also

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References

  1. ↑ Otiato Guguyu (28 April 2016). "Barclays Tanzania picks new chief executive". The EastAfrican . Nairobi. Retrieved 28 April 2016.
  2. ↑ "Company Overview of Barclays Bank Tanzania Limited". Bloomberg BusinessWeek. Archived from the original on 14 July 2012. Retrieved 9 November 2014.
  3. ↑ Bank of Tanzania (30 June 2017). "The Directory of Banks and Financial Institutions Operating in Tanzania as at 30th June 2017" (PDF). Dar es Salaam: Bank of Tanzania. Archived from the original (PDF) on 27 January 2018. Retrieved 8 May 2018.
  4. ↑ Barclays Bank of Tanzania (8 May 2018). "Barclays Bank of Tanzania Limited: Head Office". Dar es Salaam: Barclays Bank of Tanzania. Archived from the original on 14 December 2019. Retrieved 8 May 2018.
  5. ↑ Google (8 May 2018). "Location of the Headquarters of Barclays Bank of Tanzania" (Map). Google Maps . Google. Retrieved 8 May 2018.
  6. ↑ "Barclays Bank Tanzania Manages To Cut Expenses". Corporate Digest. 18 May 2013. Retrieved 9 November 2014.
  7. ↑ Ndzamela, Phakamisa (9 June 2014). "Barclays To Keep Two Tanzanian Banks". Business Day (South Africa) . Retrieved 9 November 2014.
  8. ↑ Barclays Bank Tanzania (2012). "Profile & History of Barclays Bank Tanzania". Barclays Bank Tanzania. Retrieved 9 November 2014.
  9. ↑ Olingo, Allan (12 March 2016). "Barclays to merge Tanzania units, says it will not split Africa business". The EastAfrican . Nairobi. Archived from the original on 10 May 2018. Retrieved 12 March 2016.
  10. ↑ Martin Arnold and Patrick Jenkins (26 February 2016). "Barclays set to exit African business". The Financial Times . London. Retrieved 12 February 2020.
  11. ↑ Jan Cronje (1 December 2017). "Barclays to further reduce stake in Barclays Africa". Cape Town: Fin24.com. Retrieved 12 February 2020.
  12. ↑ "Barclays Africa returns to its SA roots with rebrand". Business Daily Africa . Reuters. 11 July 2018. Retrieved 11 February 2020.
  13. ↑ The Guardian Tanzania (11 February 2020). "Barclays Officially Switches Name To Absa Bank Tanzania". Dar es Salaam: IPP Media Online. Retrieved 12 February 2020.
  14. ↑ "The Branch Network of Barclays Bank Tanzania". Barclays Bank Tanzania. Retrieved 9 November 2014.
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