Wednesday, June 9

Buy Me

Absa is looking for a foreign buyer. As the largest retail bank in South Africa, one of the biggest problems ABSA has faced has been the low cash reserves the bank has compared with international banks.

Im sure its been irking ABSA senior managers for years. One of the most advanced and profitable banks in the world, yet the cash on their books is insignificant compared with the big boys. Im sure they've been asked whether its right for them to even call themselves a bank.

Well, dagnabit, if you cant beat them, you can have them buy you out. As a loyal ABSA customer I can only welcome this move. ABSAs profits for the last year has been obscene to say the least. If I had a better banking option I would take it in a New York minute, but the rest of the players in the market are either more of the same (Standard), hopped up on drugs (Nedbank), wishing they were never sold off in the first place (First National i.e. the old Barcleys) or so insignificant people look at you funny when you pull out their cards (BOE etc etc).

I tried internet banking for a while (Ican Online). I was very happy with the services they did provide (cheap, good interest, helpful, intuitively easy) but they didn't provide the services I needed (ATMs everywhere, Home Loan, someone to grouse at at least once a year).

So yes, please, wont someone please buy ABSA.


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