Absa Group says it has completed a substantial portion of the separation program from Barclays plc which commenced in 2017. Barclays PLC in 2016 announced divesting from the African banking business opting to be a minority shareholder.
Absa Group Chief Executive Daniel Mminele says that the group is in the final stages of the separation program. He says that the financial conglomerate was winding up the last elements of separation. This will give ABSA bank an Afro-centric feel as it works integrate operations across African markets where they have a presence.
Barclays PLC’s contributions towards the separation amounted to $1 billion in 2017 focusing on IT and brand projects. In a statement, Mr Mminele adds that a total of 270 projects have been delivered as part of the separation program, and all technical solutions have been built. Six projects will be concluded in the next few months, including three minor ‘mop-up’ activity projects.
The separation required the replacement or rebranding of millions of assets in 12 countries, including technology solutions. It was the largest single data and system migration in Africa as customers in nine countries were switched to a new online banking platform, improving customer experience through greater stability and upgraded user interfaces in several countries.
Daniel Mminele – ABSA GROUP CEO
He further reveals that the rebranding involved more than 1,000 branches, 10,000 ATMs, several million customer cards, and thousands of buildings.
