The Absa group’s separately branded specialist bank, MLS Bank, will be integrated into the Absa brand over the course of the next few months, in line with the group’s powerful single-brand strategy. The group said on Monday that the niche market of medical professionals currently serviced by MLS will continue to receive specialist attention.

Affordable banking in the form of the Mzansi national account — an initiative by the country’s major banks to reach the country’s estimated 13-million unbanked — became a reality on Monday. The account will be offered by South Africa’s so-called "big four" banks — Absa, Nedbank, First National Bank and Standard Bank.
<li><a class=’standardtextsmall’ href="http://www.mg.co.za/Content/l3.asp?cg=BreakingNews-Business&ao=124310">Mzansi account is ‘a real victory'</a>

South African banking group Absa’s share price touched an all-time high of R62,50 a share on Wednesday morning after the group issued a cautionary stating that it is in talks that might result in a controlling stake in the bank being acquired. It was speculated that Sanlam, Absa’s largest shareholder, is planning to sell its 21% stake.

Inflation pressures in the Southern African Development Community (SADC) region are expected to subside somewhat on account of sustained policy discipline and improved food-supply conditions in most parts of the subcontinent, the South African Reserve Bank says in its latest quarterly bulletin.

Despite the strike by public servants, South Africa’s inflation prospects remain good with a strong possibility of interest rates being able to remain at the current level until 2006, according to senior Absa economist John Loos. He is optimistic that the CPIX (consumer inflation less mortgage costs) target can be achieved until well into 2006.