SOUTH AFRICA · BANKING
Absa Group’s Africa chief says the bank wants a Nigerian merchant bank and an Angolan office, with its wider African reshaping done within two years, according to an interview published this week.
Absa Group, a South African bank, plans to finish reorganising its business outside South Africa within two years, according to an interview with Charles Russon, its group executive for Africa regions, published on 10 and 11 November 2026. Only that interview carries the plans so far, and Absa has not confirmed them in a separate release that we could find.
Russon said Absa has begun converting its Nigerian representative office, a small presence without a full banking licence, into a merchant bank. A merchant bank can take corporate deposits and offer loans, investment banking and project finance.
Key Facts
- Who Absa Group, a South African bank, and Charles Russon, its Africa regions chief.
- The plan Absa aims to finish reorganising its Africa business within two years.
- Nigeria and Angola Absa is applying for licences; Russon hopes for 12 to 18 months from application to operation.
- Kenya Absa holds about 72% of its Kenyan unit, Absa Bank Kenya, and wants more over the next couple of years.
What Absa Says It Is Doing
Russon said Absa is applying for licences to run a Nigerian merchant bank and a new representative office in Angola, and hopes the process takes 12 to 18 months from application to operation. He described the plans as growth-oriented, with new markets, products and platforms.
He said Absa also wants to consolidate its two banks in Tanzania. In August 2026, Group CEO Kenny Fihla had said Absa was evaluating a Nigerian merchant licence and an Angolan representative office.
The Kenya Stake
Absa Group’s tender offer for Absa Bank Kenya, an offer to buy shares from existing holders, raised its holding by 3.49 percentage points to about 72%. Minority shareholders offered only 21.1% of the shares Absa sought, and Russon said Absa keeps a strategic intent to raise the stake further.
The offer, announced in June 2026, was worth about US$238 million at full size and closed in August. Read more in our report on the Absa Kenya tender offer.
What It Means for Investors
Absa shareholders can judge progress by whether licences arrive inside the 12 to 18 months Russon gave. Our reports on Absa’s exit from Kenyan insurers and our South Africa coverage track the group.
The cost of the changes has not been disclosed. Whether the Nigerian and Angolan regulators will grant the licences is not known.
Frequently Asked Questions
What does Absa plan for Nigeria?
Russon said Absa is converting its representative office into a merchant bank, which can take corporate deposits and offer loans. He hopes the licensing process takes 12 to 18 months.
Is Absa returning to Angola?
Russon said Absa is setting up a representative office there. In August 2026, Group CEO Kenny Fihla said the bank was considering the move.
How much of Absa Bank Kenya does Absa own?
About 72% after a tender offer that closed in August 2026 and added 3.49 percentage points. Russon said Absa wants to raise the stake further.
Sources: Charles Russon, Absa Group executive for Africa regions, interview published 10 and 11 November 2026; Absa Group CEO Kenny Fihla, remarks of 18 August 2026; Absa Bank Kenya tender-offer results, August 2026.
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