Absa Eyes Two-Year Africa Banking Overhaul
Charles Russon of Absa Group says the lender is converting its Nigerian office into a merchant bank and aims to lift its Kenya stake to 85% by 2028. The post Absa Eyes Two-Year Africa Banking Overhaul appeared first on The Rio Times .
Absa Group's Africa chief, Charles Russon, has revealed the bank's plans to overhaul its operations across Africa within two years. Russon spoke in an interview published on November 10 and 11, 2026, detailing the bank's ambitions for expansion. The South African bank is aiming to establish a Nigerian merchant bank and an Angolan representative office as part of the transformation, according to Russon.
These changes are expected to take 12 to 18 months from application to operation, once the necessary licences are granted. Absa has already begun converting its Nigerian representative office, a smaller entity without a full banking license, into a merchant bank, capable of handling corporate deposits, offering loans, and providing investment banking and project finance services.
The bank is also aiming to consolidate its two banks in Tanzania. Alongside these developments, Absa has been increasing its stake in Absa Bank Kenya through a tender offer, which resulted in the bank holding 72% of the shares as of August 2026, up from 69% following the offer. Absa is actively seeking further expansion in the African market, focusing on growth-oriented strategies with new products and platforms.
However, the outcome of the licensing process in Nigeria and Angola remains uncertain, as the regulators have not yet granted the necessary approvals.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
