Barclays Africa Group Ltd has officially changed its name to Absa Group following the separation following the sell-down by Barclays PLC of its majority shareholding in Barclays Africa Group to a minority position in 2017.
“Our new name and brand are an expression of our new purpose and strategic direction, which commits us to grow in Africa. We are rallying around a shared sense of purpose and identity while celebrating our diversity,” Absa CEO Maria Ramos said.
This has been touted as one of the largest rebranding exercises that will target the group’s Barclays-branded banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia will continue to trade as ‘Barclays’ even after the group name changes to Absa.
The Barclays-branded banks in these countries will be rebranded at a later stage, subject to regulatory approvals in those markets.
Absa Group Limited is listed on the Johannesburg Stock Exchange (JSE) and will be trading with a new share code (ABG).
In Kenya, shareholders of Barclays Bank of Kenya approved the company’s planned change of name to Absa over the next two years.
The shareholders voted in support of the proposed name change during the company’s 50th Annual General Meeting held in Nairobi.
Following the shareholder approval, Barclays Kenya has until June 2020 to unveil its new brand in the market, subject to regulatory approval.
“The process will be carefully managed and will align with all shareholder and regulatory requirements to ensure it is a seamless transition for all our stakeholders. Our new identity will bring with it a heightened level of customer obsession; a determination to be more digitally-led and take advantage of the opportunities that this market presents,” said Jeremy Awori, Managing Director, Barclays Bank of Kenya.
Barclays Africa Group will cease using the Barclays brand in Africa in 2020.