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Absa Group
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<h2 id="history">History</h2> <h3>Formation of ABSA and Barclays Africa Group Limited (1991–2017)</h3> <p>Absa Group began with the incorporation Amalgamated Banks of South Africa (ABSA) Limited in 1986 from a merger of the <a href="/facts/United_Building_Society/cCxHbPcm">United Building Society</a> Holdings South Africa, Allied Bank South Africa, <a href="/facts/Volkskas/hDHgWSk3">Volkskas Bank Group</a> and certain interests of the Sage Group.<a class="footnote-ref" id="fnref:11" href="#fn:11"><sup>11</sup></a> In 1992, ABSA acquired the entire shareholding prowess of the Bankorp Group (which included TrustBank, Senbank and Bankfin).<a class="footnote-ref" id="fnref:12" href="#fn:12"><sup>12</sup></a> In 1997, ABSA changed name of the holding company was changed to ABSA Group Limited and adopted a new corporate identity. It consisted of three main operating divisions, whose brands; "United", "Volkskas", "Allied" and "TrustBank" brands were retired the following year in favor of the ABSA brand.<a class="footnote-ref" id="fnref:13" href="#fn:13"><sup>13</sup></a> </p><p>In May 2005, <a href="/facts/Barclays/2M992GXz">Barclays</a> of the <a href="/facts/United_Kingdom/kuPAILt2">United Kingdom</a> purchased 56.4 percent stake in Absa,<a class="footnote-ref" id="fnref:14" href="#fn:14"><sup>14</sup></a> which was criticized by the then-governor of the <a href="/facts/South_African_Reserve_Bank/a7xcISE3">South African Reserve Bank</a>, <a href="/facts/Tito_Mboweni/TECf8D7R">Tito Mboweni</a>, who said he "had yet to see the benefits of Barclays' management of Absa".<a class="footnote-ref" id="fnref:15" href="#fn:15"><sup>15</sup></a> With the acquisition, Absa Group Limited was rebranded as Barclays Africa Group Limited. </p> <h3>Snakes incident</h3> <p>In 2004 a disgruntled Absa client released five<a class="footnote-ref" id="fnref:16" href="#fn:16"><sup>16</sup></a> <a href="/facts/Puff_adder/HQauWcqa">puff adders</a> into the bank's head office in Johannesburg following a six-year dispute with the bank over the repossession of his car.<a class="footnote-ref" id="fnref:17" href="#fn:17"><sup>17</sup></a> One person was injured in the incident when their finger was bitten. The client was later convicted under the offense of aggravated assault.<a class="footnote-ref" id="fnref:18" href="#fn:18"><sup>18</sup></a> </p> <h3>eBank charges (2005-2012)</h3> <p>Finweek Bank Charges Reports from 2008 through 2010<a class="footnote-ref" id="fnref:19" href="#fn:19"><sup>19</sup></a> found Barclays Africa Group Holdings Limited to be the most expensive bank in South Africa.<a class="footnote-ref" id="fnref:20" href="#fn:20"><sup>20</sup></a><a class="footnote-ref" id="fnref:21" href="#fn:21"><sup>21</sup></a><a class="footnote-ref" id="fnref:22" href="#fn:22"><sup>22</sup></a> Pay-as-you-transact (PAYT) fees increased 82 percent from 2005 to 2010.<a class="footnote-ref" id="fnref:23" href="#fn:23"><sup>23</sup></a> The 2012, Finweek Bank Charges Report ranked Absa's Gold Value Bundle as the cheapest package option amongst the four banks that were compared. The report has also shown Absa's PAYT pricing structure to have reduced by 25 percent by 2013, leaving it third cheapest in the overall ranking at that time.<a class="footnote-ref" id="fnref:24" href="#fn:24"><sup>24</sup></a> </p><p>In 2013, the group acquired the entire issued share capital of Barclays Africa Limited and issued 129,540,636 consideration shares to Barclays Africa Group Holdings Limited (a wholly owned subsidiary of Barclays) thus increasing the shareholding of Barclays plc to 62.3 percent.<a class="footnote-ref" id="fnref:25" href="#fn:25"><sup>25</sup></a> The Consideration Shares were listed on the JSE from the commencement of trading on 31 July 2013. The name change from "Absa Group Limited" to "Barclays Africa Group Limited" was completed in August 2013.<a class="footnote-ref" id="fnref:26" href="#fn:26"><sup>26</sup></a> </p><p>In 2017, the South African <a href="/facts/Public_Protector/USYLwLlB">Public Protector</a>, <a href="/facts/Busisiwe_Mkhwebane/3sSIf5ur">Busisiwe Mkhwebane</a>, found that the bailout of R1.125 billion that Absa's predecessor Bankorp Group had received between 1985 and 1992 from the Reserve Bank was illegal, and recommended that Absa be forced to pay back R2.25 billion, the current equivalent of the amount.<a class="footnote-ref" id="fnref:27" href="#fn:27"><sup>27</sup></a><a class="footnote-ref" id="fnref:28" href="#fn:28"><sup>28</sup></a> The report was set aside by the <a href="/facts/Gauteng_Division/yuuX2lcN">Pretoria High Court</a>,<a class="footnote-ref" id="fnref:29" href="#fn:29"><sup>29</sup></a> finding that "The public protector did not conduct herself in a manner which would be expected from a person occupying the office of the public protector."<a class="footnote-ref" id="fnref:30" href="#fn:30"><sup>30</sup></a> The court assessed some costs of the case <i>personally</i> against Mkhwebane due to her conduct,<a class="footnote-ref" id="fnref:31" href="#fn:31"><sup>31</sup></a><a class="footnote-ref" id="fnref:32" href="#fn:32"><sup>32</sup></a> an order upheld by the <a href="/facts/Constitutional_Court_of_South_Africa/8MDFXAeY">Constitutional Court of South Africa</a> in July 2019.<a class="footnote-ref" id="fnref:33" href="#fn:33"><sup>33</sup></a><a class="footnote-ref" id="fnref:34" href="#fn:34"><sup>34</sup></a><a class="footnote-ref" id="fnref:35" href="#fn:35"><sup>35</sup></a> </p> <h3>Absa Group Limited (2018-present)</h3> <p>Barclays Bank Plc in 2018 owned 14.9 percent of Absa Group Limited.<a class="footnote-ref" id="fnref:36" href="#fn:36"><sup>36</sup></a> In March 2018, Barclays Africa announced the group's name would revert to Absa Group Limited, effective 30 May 2018.<a class="footnote-ref" id="fnref:37" href="#fn:37"><sup>37</sup></a> The company underwent rebranding in 2018, inclusive of a new logo and slogans.<a class="footnote-ref" id="fnref:38" href="#fn:38"><sup>38</sup></a> </p><p>Absa opened an international office in London in September 2018,<a class="footnote-ref" id="fnref:39" href="#fn:39"><sup>39</sup></a> then in 2019, opened another international office in <a href="/facts/New_York_City/YlyvFmVC">New York City</a>.<a class="footnote-ref" id="fnref:40" href="#fn:40"><sup>40</sup></a> As of October 2019, according to <i>Club of Mozambique</i>, Absa Group Limited had total assets in excess of R1.9 trillion as of June 2024.<a class="footnote-ref" id="fnref:41" href="#fn:41"><sup>41</sup></a><a class="footnote-ref" id="fnref:42" href="#fn:42"><sup>42</sup></a> ABGL in 2020 was the majority shareholder of 11 banks located in <a href="/facts/Botswana/dGw6g94p">Botswana</a>, <a href="/facts/Ghana/IkUw32Ya">Ghana</a>, <a href="/facts/Kenya/Y9Ko9pQu">Kenya</a>, <a href="/facts/Mauritius/lVUARna5">Mauritius</a>, <a href="/facts/Mozambique/mMWQ80JT">Mozambique</a>, <a href="/facts/Seychelles/Ub9we8XU">Seychelles</a>, South Africa, <a href="/facts/Tanzania/MJueJ7E4">Tanzania</a> (two entities), <a href="/facts/Uganda/PabdegRm">Uganda</a> and <a href="/facts/Zambia/lCnlx5a1">Zambia</a>.<a class="footnote-ref" id="fnref:43" href="#fn:43"><sup>43</sup></a> In March 2022, <a href="/facts/Sello_Moloko/TVf2zbqQ">Sello Moloko</a> was appointed group chairman and <a href="/facts/Arrie_Rautenbach/1UEDNKm1">Arrie Rautenbach</a> was appointed CEO, and its fourth CEO in three years. The company had been without a CEO for eleven months after the abrupt resignation of <a href="/facts/Daniel_Mminele/Ye5pBUzu">Daniel Mminele</a>.<a class="footnote-ref" id="fnref:44" href="#fn:44"><sup>44</sup></a> In August 2022, Barclays Plc sold its remaining stake in Absa, which it had acquired in 2005, selling 7.4 percent of Absa's issued capital for $620 million.<a class="footnote-ref" id="fnref:45" href="#fn:45"><sup>45</sup></a> </p> <h2 id="overview-and-structure">Overview and structure</h2> <p>Absa Group Limited's shares are listed on the <a href="/facts/JSE_Limited/c0nsWMyA">JSE Limited</a> stock exchange.<a class="footnote-ref" id="fnref:46" href="#fn:46"><sup>46</sup></a> In 2020, <a href="/facts/Absa_Bank_Kenya/h17gn0TX">Absa Bank Kenya</a> and <a href="/facts/Absa_Bank_Botswana/BjtacBAC">Absa Bank Botswana</a> continue to be listed on their respective stock exchanges.<a class="footnote-ref" id="fnref:47" href="#fn:47"><sup>47</sup></a> </p> <h3>Major shareholders</h3> <p>Below is the Absa Group's 10 largest shareholders as at June 2023:<a class="footnote-ref" id="fnref:48" href="#fn:48"><sup>48</sup></a> </p> <table><tbody><tr><th>Current majority shareholders</th><th>June 2023 (%)</th></tr><tr><td><a href="/facts/Public_Investment_Corporation/dMttwcY9">Public Investment Corporation</a> (SA)</td><td>5.15</td></tr><tr><td><a href="/facts/BlackRock/bQWj1qcj">BlackRock, Inc.</a> (US, UK)</td><td>4.98</td></tr><tr><td><a href="/facts/M%26G/n9Tbqwe0">M&G</a> (US, UK)</td><td>4.96</td></tr><tr><td>Ninety One (SA)</td><td>4.68</td></tr><tr><td><a href="/facts/Old_Mutual/SnuQD9Ao">Old Mutual</a> (SA)</td><td>4.40</td></tr><tr><td><a href="/facts/Citigroup_Global_Markets_Japan/G1Juxlae">Citigroup Global Markets</a></td><td>4.02</td></tr><tr><td><a href="/facts/The_Vanguard_Group/3yK3xrfU">The Vanguard Group</a> (US, AU)</td><td>3.94</td></tr><tr><td>Investec Securities<a class="footnote-ref" id="fnref:49" href="#fn:49"><sup>49</sup></a> (SA)</td><td>3.89</td></tr><tr><td>Sanlam Investment Management (SA)</td><td>3.32</td></tr><tr><td>Others</td><td>60.66</td></tr></tbody></table> <table><tbody><tr><th>Geographical holding (by owner)</th><th>June 2023 (%)</th></tr><tr><td><a href="/facts/United_Kingdom/kuPAILt2">United Kingdom</a></td><td>7.52</td></tr><tr><td><a href="/facts/South_Africa/vvXQpLgq">South Africa</a></td><td>61.66</td></tr><tr><td><a href="/facts/United_States/P0sCdLe5">United States</a> and <a href="/facts/Canada/cWWFM8oc">Canada</a></td><td>19.32</td></tr><tr><td>Other countries</td><td>11</td></tr></tbody></table> <h3>Subsidiaries</h3> <ul><li><a href="/facts/Absa_Bank_Limited/KLQp8yW3">Absa Bank Limited</a> (100%)</li> <li>Absa Financial Services Limited (100%)</li> <li><a href="/facts/Absa_Bank_Botswana/BjtacBAC">Absa Bank Botswana</a> (67.8%)</li> <li><a href="/facts/Absa_Bank_Ghana/MbhhFqVX">Absa Bank Ghana</a> (100%)</li> <li><a href="/facts/Absa_Bank_Kenya/h17gn0TX">Absa Bank Kenya</a> (68.5%)</li> <li><a href="/facts/Absa_Bank_Mauritius/6JvbVBAL">Absa Bank Mauritius</a> (100%)</li> <li><a href="/facts/Absa_Bank_Mozambique/gXehd1tb">Absa Bank Mozambique</a> (98.1%)<a class="footnote-ref" id="fnref:50" href="#fn:50"><sup>50</sup></a></li> <li><a href="/facts/Absa_Bank_Seychelles_Limited/2wmnfobf">Absa Bank Seychelles</a> (99.8%)</li> <li><a href="/facts/Absa_Bank_Uganda_Limited/Q0I3bw24">Absa Bank Uganda</a> (100%)</li> <li><a href="/facts/Absa_Bank_Zambia/fT4JyfI9">Absa Bank Zambia</a> (100%)</li> <li><a href="/facts/National_Bank_of_Commerce_(Tanzania)/qfxQzRUF">National Bank of Commerce Limited</a> (55%)</li> <li><a href="/facts/Absa_Bank_Tanzania/46SvHBkQ">Absa Bank Tanzania</a> (100%)</li></ul> <h2 id="legal-matters">Legal matters</h2> <h3>ABSA v. Sweet</h3> <p class="note">Main article: <a href="/facts/ABSA_v_Sweet/tquRaLLt">ABSA v Sweet</a></p> <h3>Mortgage loans misconduct</h3> <p>In South Africa, banks must secure consent from the borrower if the bank wishes to <a href="/facts/Security_(finance)/lJRYHKgD">securitise</a> the loan, allowing the bank to bundle in the loan with other loans and sell it to new owners.<a class="footnote-ref" id="fnref:51" href="#fn:51"><sup>51</sup></a><a class="footnote-ref" id="fnref:52" href="#fn:52"><sup>52</sup></a><a class="footnote-ref" id="fnref:53" href="#fn:53"><sup>53</sup></a> </p><p>In 2014, South African courts made a number of rulings against Absa's <a href="/facts/Mortgage/EtGHG9q3">mortgage</a> loan division in a number of previous summary judgements against clients who had taken out loans with the bank and who the bank had accused of defaulting on their loans. In August 2014, Absa brought a case against James Grobbelaar and Kevin Jenzen for allegedly defaulting on their home loans. However, Absa was unable to provide proof of the loan agreements, claiming that they had been destroyed in a fire in 2009 and instead presented an unsigned blank loan agreement.<a class="footnote-ref" id="fnref:54" href="#fn:54"><sup>54</sup></a> </p><p>In November 2014, Absa withdrew a similar case it had brought in the North Gauteng High Court against Emmarentia and Monica Liebenberg for allegedly defaulting on loans taken out in 2007, with the bank being unable to provide a copy of the signed documents that the bank claimed to be the loan agreement they were enforcing.<a class="footnote-ref" id="fnref:55" href="#fn:55"><sup>55</sup></a> The Liebenberg's accused the bank of trying to bully them "into submission, by threatening legal costs and expenses and by pursuing a wrongful summary judgement application knowing full well the massive disputes involved". The Liebenbergs also stated in their affidavit that the bank had inflated the interest rate of the loan and charged additional fees that had never been agreed to and would have been illegal even if they had been written into a signed agreement.<a class="footnote-ref" id="fnref:56" href="#fn:56"><sup>56</sup></a> </p> <h2 id="see-also">See also</h2> <ul> <li>Companies portal</li><li>Banks portal</li></ul> <ul><li><a href="/facts/List_of_companies_traded_on_the_JSE/cy2bxbNy">List of companies traded on the JSE</a></li> <li><a href="/facts/List_of_companies_of_South_Africa/ureMnaSt">List of companies of South Africa</a></li> <li><a href="/facts/List_of_banks/eltRIq3G">List of banks</a></li> <li><a href="/facts/List_of_banks_in_South_Africa/qPzPLnFF">List of banks in South Africa</a></li> <li><a href="/facts/Economy_of_South_Africa/gMlK3ReP">Economy of South Africa</a></li></ul> <h2 id="external-links">External links</h2> Wikimedia Commons has media related to Absa Group. <ul><li><a href="https://www.absa.africa">Official website</a> </li></ul> <h2 id="references">References</h2> <ol> <li id="fn:1"><p>"Country operations". Absa Group Limited. Retrieved 27 March 2020. <a href="https://www.absa.africa/about-us/country-operations/" target="_blank">https://www.absa.africa/about-us/country-operations/</a> <a href="#fnref:1" class="footnote-back-ref">↩</a></p></li> <li id="fn:2"><p>"Country operations". Absa Group Limited. Retrieved 27 March 2020. <a href="https://www.absa.africa/about-us/country-operations/" target="_blank">https://www.absa.africa/about-us/country-operations/</a> <a href="#fnref:2" class="footnote-back-ref">↩</a></p></li> <li id="fn:3"><p>"Country operations". Absa Group Limited. Retrieved 27 March 2020. <a href="https://www.absa.africa/about-us/country-operations/" target="_blank">https://www.absa.africa/about-us/country-operations/</a> <a href="#fnref:3" class="footnote-back-ref">↩</a></p></li> <li id="fn:4"><p>"Absa opens UK office, hopes to profit from post-Brexit trade in Africa". News24. 13 September 2018. Retrieved 4 February 2021. <a href="https://www.news24.com/fin24/Companies/Financial-Services/absa-opens-uk-office-to-entice-post-brexit-trade-in-africa-20180913" target="_blank">https://www.news24.com/fin24/Companies/Financial-Services/absa-opens-uk-office-to-entice-post-brexit-trade-in-africa-20180913</a> <a href="#fnref:4" class="footnote-back-ref">↩</a></p></li> <li id="fn:5"><p>Rumney, Emma; Richardson, Alex (11 November 2019). "South Africa's Absa to open New York office by end of the year". Reuters. Retrieved 16 February 2020. <a href="https://www.reuters.com/article/us-absa-new-york/south-africas-absa-to-open-new-york-office-by-end-of-the-year-idUSKBN1XL1EP" target="_blank">https://www.reuters.com/article/us-absa-new-york/south-africas-absa-to-open-new-york-office-by-end-of-the-year-idUSKBN1XL1EP</a> <a href="#fnref:5" class="footnote-back-ref">↩</a></p></li> <li id="fn:6"><p>"Absa Technology Prague s.r.o · Milevská 2095/5, 140 00 Praha 4-Krč, Czechia". Absa Technology Prague s.r.o · Milevská 2095/5, 140 00 Praha 4-Krč, Czechia. Retrieved 11 December 2023. <a href="https://www.google.com/maps/place/Absa+Technology+Prague+s.r.o/@50.0492164,14.4380576,15z/data=!4m6!3m5!1s0x470b9587a0747bfb:0x93f379dc602fff7d!8m2!3d50.0492164!4d14.4380576!16s%2Fg%2F11kb6_mrmx?entry=tts" target="_blank">https://www.google.com/maps/place/Absa+Technology+Prague+s.r.o/@50.0492164,14.4380576,15z/data=!4m6!3m5!1s0x470b9587a0747bfb:0x93f379dc602fff7d!8m2!3d50.0492164!4d14.4380576!16s%2Fg%2F11kb6_mrmx?entry=tts</a> <a href="#fnref:6" class="footnote-back-ref">↩</a></p></li> <li id="fn:7"><p>R1.9 trillion as of June 2024 <a href="https://www.absa.africa/wp-content/uploads/2024/08/Results-booklet-for-the-period-ended-30-June-2024-double-page.pdf" target="_blank">https://www.absa.africa/wp-content/uploads/2024/08/Results-booklet-for-the-period-ended-30-June-2024-double-page.pdf</a> <a href="#fnref:7" class="footnote-back-ref">↩</a></p></li> <li id="fn:8"><p>"Absa Group: total assets 2017-2022". Statista. Retrieved 11 December 2023. <a href="https://www.statista.com/statistics/1121210/total-assets-of-absa-group/" target="_blank">https://www.statista.com/statistics/1121210/total-assets-of-absa-group/</a> <a href="#fnref:8" class="footnote-back-ref">↩</a></p></li> <li id="fn:9"><p>Adrian Frey (23 October 2019). "Barclays in Mozambique rebranding as Absa Bank". Maputo: Club of Mozambique. Retrieved 14 November 2019. <a href="https://clubofmozambique.com/news/barclays-in-mozambique-rebranding-as-absa-bank-145292/" target="_blank">https://clubofmozambique.com/news/barclays-in-mozambique-rebranding-as-absa-bank-145292/</a> <a href="#fnref:9" class="footnote-back-ref">↩</a></p></li> <li id="fn:10"><p>rho (17 March 2025). "Absa Group Appoints Kenny Fihla as Group Chief Executive Officer". Absa Group | Welcome to Absa Group Limited. Retrieved 28 March 2025. <a href="https://www.absa.africa/media-statements/2025/absa-group-appoints-kenny-fihla-as-group-chief-executive-officer/" target="_blank">https://www.absa.africa/media-statements/2025/absa-group-appoints-kenny-fihla-as-group-chief-executive-officer/</a> <a href="#fnref:10" class="footnote-back-ref">↩</a></p></li> <li id="fn:11"><p>"ABSA Group". Barclays Group Archives. Barclays PLC. Archived from the original on 5 January 2016. Retrieved 28 December 2015. <a href="https://web.archive.org/web/20160105171517/https://www.archive.barclays.com/items/show/5402" target="_blank">https://web.archive.org/web/20160105171517/https://www.archive.barclays.com/items/show/5402</a> <a href="#fnref:11" class="footnote-back-ref">↩</a></p></li> <li id="fn:12"><p>"ABSA Group". Barclays Group Archives. Barclays PLC. Archived from the original on 5 January 2016. Retrieved 28 December 2015. <a href="https://web.archive.org/web/20160105171517/https://www.archive.barclays.com/items/show/5402" target="_blank">https://web.archive.org/web/20160105171517/https://www.archive.barclays.com/items/show/5402</a> <a href="#fnref:12" class="footnote-back-ref">↩</a></p></li> <li id="fn:13"><p>Wright, Chris (1 November 2013). "Better late than never for Barclays-Absa merger". Euromoney. Retrieved 31 August 2017. <a href="http://www.euromoney.com/Article/3135687/Africa-Better-late-than-never-for-Barclays-Absa-merger.html" target="_blank">http://www.euromoney.com/Article/3135687/Africa-Better-late-than-never-for-Barclays-Absa-merger.html</a> <a href="#fnref:13" class="footnote-back-ref">↩</a></p></li> <li id="fn:14"><p>"ABSA Group 2005 Annual Report" (PDF). ABSA Group Limited. 31 March 2005. Retrieved 7 January 2016. <a href="http://www.sharedata.co.za/Data/000134/pdfs/ABSA_ar_05.pdf" target="_blank">http://www.sharedata.co.za/Data/000134/pdfs/ABSA_ar_05.pdf</a> <a href="#fnref:14" class="footnote-back-ref">↩</a></p></li> <li id="fn:15"><p>"Mboweni fires confounding salvo at Barclays". Business Report. 30 March 2007. Archived from the original on 4 November 2012. Retrieved 30 December 2017. <a href="https://web.archive.org/web/20121104093309/http://www.highbeam.com/doc/1G1-161250139.html" target="_blank">https://web.archive.org/web/20121104093309/http://www.highbeam.com/doc/1G1-161250139.html</a> <a href="#fnref:15" class="footnote-back-ref">↩</a></p></li> <li id="fn:16"><p>"Charges altered against Absa snake man". The Mail & Guardian. 18 May 2005. Retrieved 11 March 2023. <a href="https://mg.co.za/article/2005-05-18-charges-altered-against-absa-snake-man/" target="_blank">https://mg.co.za/article/2005-05-18-charges-altered-against-absa-snake-man/</a> <a href="#fnref:16" class="footnote-back-ref">↩</a></p></li> <li id="fn:17"><p>"Absa told: 10 snakes still there". News24. Retrieved 11 March 2023. <a href="https://www.news24.com/news24/absa-told-10-snakes-still-there-20040130" target="_blank">https://www.news24.com/news24/absa-told-10-snakes-still-there-20040130</a> <a href="#fnref:17" class="footnote-back-ref">↩</a></p></li> <li id="fn:18"><p>Molwedi, Phomello (19 May 2005). "Snake man is guilty - and it's not over yet". IOL. <a href="https://www.iol.co.za/news/south-africa/snake-man-is-guilty-and-its-not-over-yet-241578" target="_blank">https://www.iol.co.za/news/south-africa/snake-man-is-guilty-and-its-not-over-yet-241578</a> <a href="#fnref:18" class="footnote-back-ref">↩</a></p></li> <li id="fn:19"><p>David McKay. "SA's most expensive bank: Absa". Fin24.com. Archived from the original on 19 August 2008. Retrieved 19 August 2008. <a href="https://web.archive.org/web/20080819003434/http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-24_2376287" target="_blank">https://web.archive.org/web/20080819003434/http://www.fin24.com/articles/default/display_article.aspx?ArticleId=1518-24_2376287</a> <a href="#fnref:19" class="footnote-back-ref">↩</a></p></li> <li id="fn:20"><p>Fin24.com reporter. "SA outraged by bank 'fleecing'". Fin24.com. Archived from the original on 10 September 2009. 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