Absa Group

Absa Group's CEO Kenny Fihla reported that the group is pursuing expansion plans in several African countries, including Uganda, Zambia, Tanzania, and Angola. Furthermore, Absa is exploring converting its representative office in Nigeria into a merchant bank. These discussions follow the group reporting net income of 12.58 billion rand for the first half-year.

Absa Group plans to merge Absa Bank Tanzania into National Bank of Commerce, forming a $3 billion lender that would rank third in Tanzania. Absa controls 55% of the merged entity, while the Tanzanian government holds a 30% stake.

Absa shares fell nearly 7% after the South African bank warned that a stronger rand and weaker Africa earnings would reduce first-half profit. The bank attributed the decline to currency and regional performance factors.

Absa is investing capital in Kenya, Ghana has refused US funding to protect its citizens' data, and Nigeria's election is a key focus. The brief highlights business, technology, and political developments across Africa.

South Africa's Absa is offering $239 million to increase its stake in Absa Bank Kenya to 85%. This move is part of a broader South African banking expansion into East Africa.