Absa has a clear programme in support of democracy in South Africa, and sets aside R2,5m per annum as a contribution to political parties that are registered with the Independent Electoral Commission and which have won at least three seats in Parliament after a general election. This is the only basis on which Absa funds political parties.

The ANC Youth League allegations (see here) that Absa is supporting , financially or otherwise, the new political party being founded by, among others, former Defence Minister Mosioua Lekota and former Gauteng Premier Mbhazima Shilowa, are wholly unfounded. Absa has already engaged a representative of the ANC Youth League with a view to clearing the apparent misunderstanding on their part.

Prof Gill Marcus has, over a number of years, hosted numerous programmes and events intended to enhance the empowerment of women with a particular focus on leadership, business and finance. The proposed year-end lunch for women was one that has been held on previous occasions and there is no substance to allegations that it was intended to serve a political end.

Absa remains an apolitical organisation and we would not get the company involved in the political activities of any party.

Statement issued by Makhosini Nkosi, Group Executive: Communication & Public Relations, ABSA Bank, November 4 2008