Absa wins international award for its response to Covid-19
Absa Group, one of Africa’s leading diversified financial services groups, was recently awarded the Euromoney 2020 Excellence in Leadership in Africa Award as a result of their integrated Covid-19 response for their employees, clients and communities.
Absa took home the award which recognises excellence in leadership on the Africa continent. The award looks at what corporates in the banking industry have done for their employees, clients, communities, industry and economies in Africa. Absa is one of six banks globally that have been recognised for outstanding performance during an unprecedented era of constant change and uncertainty as a result of the global health crisis.
“We are very happy to receive this award, as it demonstrates our commitment to Africa, which is our home and our source of strength as a business”, said Charles Russon, CE for Absa Corporate and Investment Banking.
Absa was undoubtedly a strong contender for this award having implemented very extensive initiatives and programmes in response to the Covid-19 pandemic across all their 12 African markets. Absa takes pride in its commitment to facilitate economic growth, looking after the wellbeing of employees, enabling the success and resilience of their clients while looking after the communities they serve.
When building a strategic response to the pandemic, Absa decided that the safety and wellbeing of its employees was the core priority, because they understood that a successful business is driven by its people. The award also recognises the efforts that Absa has made to ensure that their employees had all the necessary tools required to work remotely, observing and implementing heightened health and safety protocols for onsite employees, as well as investing in providing valuable counselling and mindfulness programmes to ensure employees’ physical and psychological health. In addition, they also provided employees with payment moratoriums to ease their financial hardships during a time of economic strain.
Russon also stated that from a client perspective, they have investigated various ways to create the most value for their clients by identifying and offering cash and trade management advice and solutions while staying close to their clients’ businesses to understand their specific requirements during this pandemic. Absa Group offered a payment relief programme, which as of 29 July, benefited over 700 000 retail account holders in South Africa. Absa approved many Trade and Working Capital transactions and established a special task team which oversaw the deployment of financing to ensure the continued operation of essential services in its respective markets. Further, Absa provided 65 000 customers in Absa Regional Operations (ARO) markets with payment relief as well.
From a societal perspective, Absa has to date, contributed R10 million to the Covid-19 Solidarity Fund, a fund established by the government of South Africa to respond to and combat the Covid-19 pandemic. In total R55 million has been donated to government initiatives and other civil society efforts across Absa’s markets.
The relief programme implemented by Absa Group demonstrates their ability to adapt business operations to changing circumstances, providing solutions to clients while supporting and enabling key stakeholders, particularly employees.
“Our success lies in the direct integration of financial operations and close-knit relationships with employees and clients, and this has made us a trusted advisor and natural banking partner for our clients. We congratulate all the other winners in this category who also did their part in their regions to lead through excellence during this time”, Russon concluded.
"The money mistakes we make are real, but they are not unique – we all make them," says Potgieter.Read More
What is "social signalling?" Gushwell Brooks interviews Mduduzi Luthuli, a cofounder at Luthuli Capital.Read More
"What the IRR is doing is not in the best interest of the savers of SA," Wierzycka told The Money Show's Bruce Whitfield.Read More
How much "risk" you should take on depends on your investment timeframe, says Certified Financial Planner Paul Roelofse.Read More
Make use of any rand rally to fill up on foreign currency requirements, suggests Bianca Botes (Peregrine Treasury Solutions).Read More
Veteran stockbroker David Shapiro schools The Money Show’s Bruce Whitfield on investing post-Covid and into the next few years.Read More
"The Toyota Starlet makes enormous sense," says motoring journalist Ciro de Siena. Got R204 900?Read More
There’s a glut of properties on the market - should you take advantage? Pieter Koekemoer warns against getting carried away.Read More
Bruce Cameron discusses with Bruce Whitfield his new book on securing your retirement, despite corruption and the smashed economy.Read More
There’ll be many opportunities for frontier investors in the coming years, says Absa's Somaya Joshua.Read More
Epidemiologist Dr Boffa explains why the antibody test is not a guarantee you've had the virus, nor that you won't be re-infected.Read More
The President presented his plan for fixing South Africa's life-stealing economy on Thursday.Read More
"Why does he want those powers? I am worried about that," says law Professor Elmien du Plessis. "We need an explanation."Read More
Watch the interview with WHO envoy David Nabarro and John Maytham talks to vaccinologist Prof Shabir Madhi about the shift.Read More
"It’s been very hard for everyone, especially for them [teenagers]," says Dr Karen van Kets.Read More
Much like in Europe and elsewhere, new infections are increasingly happening in younger populations, reports Barbara Friedman.Read More
National Immunisation Safety Expert Committee chair Prof Hannelie Meyer looks at survey results and the impact of misinformation.Read More
The US and the world are pining for credible information about Donald Trump’s health.Read More
"Tonight, First Lady of the United States and I tested positive for Covid-19," tweeted Trump.Read More
At its peak, South Africa ranked 5th in the world. The country ranks 13th by the total number of deaths.Read More
Your financial future – even if you have to start over – could be brighter than it would’ve been without the pandemic.Read More
The rand was just recently trading at a six-month high. Arabile Gumede interviews Bianca Botes (Peregrine Treasury Solutions).Read More
Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.Read More
The Money Show’s Bruce Whitfield interviews Duma Gqubule, founder at the Centre for Economic Development and Transformation.Read More
The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.Read More
The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.Read More
The Money Show’s Bruce Whitfield interviews Mike Ratcliffe, Chairman of Visit Stellenbosch.Read More
"The state is on a new trajectory – it’s vital the ANC follows suit," says political analyst JP Landman.Read More
The Money Show’s Bruce Whitfield interviews Nazmeera Moola, Head of SA Investments at Ninety One.Read More
South Africa’s 15 000 sit-down restaurants employ 500 000 people. Bruce Whitfield interviews Grace Harding, CEO at Ocean Basket.Read More