- Barclays to trade as Absa at the Nairobi Bourse
What’s in a name change? Absa Bank Kenya Plc reflects the essence of ‘bringing possibilities to life’, according to the firm’s Managing Director Jeremy Awori.
“We are changing from being a bank to holistic financial institutions. As Absa Kenya, we aim to connect the dreams and aspirations of the Kenyan people with the financial resources to achieve them,” he said during the official ticker change over Wednesday at the Nairobi Securities Exchange (NSE).
“Today we celebrate the launch of Absa Kenya and the start of the next chapter of our growth story.”
The NSE listed company has changed its ticker from BBK to ABSA from today and will operate under a new logo.
Jeremy said with the change, they are combining century-long experience in Kenya with new cutting-edge technologies, innovative products, and a vibrant new brand.
“Our customers can expect to experience a more forward-looking, digitally-led bank that is committed to offering world-class service.”
— Absa Bank Kenya (@AbsaKenya) February 19, 2020
Speaking during the bell-ringing event at the NSE, Absa Bank Kenya chairman of the board Mr. Charles Muchene reassured minority shareholders that the shareholding structure will not be affected in any way even with the change of name.
“I would like to assure all our shareholders that their investment in our business is sound and they can look forward to even better returns as we continue to execute our strategy. We are excited about what the future holds and the chance to continue working work with the people of Kenya to achieve shared success and bring new possibilities to life.”
Absa Group Chief Executive Officer Mr. Daniel Mminele reassured of the group’s long-term commitment to Kenya noting that the group will continue to invest and to grow in this market.
“I want to convey my thanks to the Kenyan people and to our customers and clients for the warm reception we have continued to experience since the brand name change was announced early in 2018. It was after extensive consultations across the continent that the Absa Board took a decision to operate under the Absa brand across the continent,” he explained.
The BBK transition to ABSA involved the transfer of technology services and systems from the U.K back to Africa.
Barclays Bank of Kenya officially commenced trading on the Nairobi Securities Exchange (NSE) as ABSA Bank Kenya Plc on February 10, 2020.
The rebranding brought an end to a process that began in 2018, following Barclays Plc’s reduction of its stake in Barclays Africa Group from 62.0% to 15.0%.