Absa

Previously known as Amalgamated Banks of South Africa Limited, this financial institution was established in 1986. Headquartered in Troye Street, Johannesburg, ABSA can be located on the 7th floor of ABSA Towers West.

ABSA’s history

After its establishment in 1986, an acquisition of the entire shareholding of the Bankor Group, including TrustBank, Senbank, and Bankfin was made in 1992. In 1997 the bank’s holding company name was changed to ABSA Group Limited.

With the acquisition of a majority stake of 62.3% by Barclays in 2005, they started operating in South Africa under the ABSA brand.

An addition of 12 financial subsidiaries in 11 Sub-Saharan African countries became part of the group. ABSA Group Limited subsequently underwent a name change to Barclays Africa Group.

ABSA’s board of directors

At the head of ABSA is a board of directors consisting of 7 directors. They are:

• Sello Moloko – Independent Non-Executive Chairman
• Nonhlanhla Mjoli-Mncube – Lead Independent Director

The Non-Executive Directors are:

• Alex Darko
• Francis Okomo-Okello
• Tasneem Abdul-Samad
• Rene van Wyk
• Rose Keanly

In addition to the board of directors, ABSA has two Executive Directors namely:

• Arrie Rautenbach – Group Chief Executive Officer
• Jason Quinn – Group Financial Director

A worldwide presence

Apart from having branches in South Africa, ABSA boasts an international presence. They have branches in a total of 15 African countries and run offices in the United Kingdom And the United States.

What is ABSA’s purpose?

ABSA has a strong will to create sustainable financial solutions for current and future generations. They work continuously to offer innovation and top-class service delivery to their customers.

They strive to surpass customer expectations by anticipating their customer's financial needs and implementing up-to-date technology to make life easier. By learning from past mistakes, ABSA keeps raising the bar by bringing about the necessary change to provide better.

ABSA is committed to providing service delivery that’s hard to compare. They understand the financial needs of their customers and give you clear and concise advice when it comes to financing.

Get vehicle finance from ABSA

Are you looking for a new set of wheels or already have your eye on your dream car? ABSA can assist you with everything from a car loan to getting the insurance you need and everything in between.

What vehicle finance from ABSA can offer you

When you apply for vehicle finance from ABSA, there are many factors that’ll influence the outcome of your total loan repayment. These include:

• Deposit amount
• Interest rate
• Repayment period
• Balloon payment
• Costs and monthly fees
• Initiation fee

A vehicle finance example

In the event that you’re opting for a car loan of R180,000, the estimated breakdown of what you can expect to repay will look like this:

• Vehicle finance amount – R180,000
• No deposit
• An interest rate of 9.25%
• A repayment period of 72 months
• No balloon payment
• R1,207.50 initiation fee
• R69 monthly fee

This means that if you apply for vehicle finance of R180,000 with the above-mentioned details, you can expect to repay a monthly instalment of R3,357.89. The total fees and interest on your loan amount will be R60,560.69. A total amount of R241,768.19 will be repaid when the loan term is completed.

Easy-to-use finance calculator

Calculation affordability is easy with ABSA’s useful vehicle finance calculator. You can enter the desired loan amount, deposit amount, and balloon payment and get an estimated breakdown of what you can expect to repay.

Completion of the loan application will provide a more accurate loan amount.