Absa plans to finish restructuring its African operations within two years as it tries to reduce its dependence on South African profits, according to an interview with Charles Russon, chief executive of the bank's Africa Regions business, published on 10 November.

The plan targets faster-growing markets and includes a new merchant bank in Nigeria, a merger in Tanzania and a larger stake in Kenya.

Why Absa is making the change

Figures cited in the report show that South Africa made up nearly 72% of Absa's group headline earnings in the first half of 2026. Kenya and Ghana together contributed 11.5%, and the rest of Africa 16.8%.

Group headline earnings rose 8% to R12.8 billion (about $783 million) in the six months. Earnings from outside South Africa fell 10%, partly because of lower interest rates and margin pressure.

The country-by-country plan

  • Nigeria: Absa has begun converting its representative office into a merchant bank. That would let it take corporate deposits and expand into lending, project finance and investment banking, where it would compete with Standard Bank, FirstRand, Access Bank and Zenith Bank.
  • Angola: Absa is preparing a representative office. Licensing is under way, and the office could open within 12 to 18 months.
  • Tanzania: Absa plans to merge Absa Bank Tanzania and National Bank of Commerce, two banks it controls, to create a larger and better-capitalised lender.
  • Uganda: Absa is integrating the retail and wealth businesses it is acquiring from Standard Chartered under a 2025 agreement. Customer account transfers are scheduled for mid-November 2026.
  • Kenya: Absa aims to raise its stake in Absa Bank Kenya to 85% by 2028. A takeover offer in June, worth about $239 million, lifted its holding by 3.5 percentage points to nearly 72%. That fell short of its target, but the bank says it remains committed to buying more shares.

What we do not yet know

  • This account draws on a single report of the interview. Absa's own statement was not available to us.
  • Whether regulators in Nigeria, Angola and Tanzania have approved the planned changes.
  • What the restructuring will cost, and how it will affect staff and customers.