Barclays Africa Group has officially been renamed Absa Group Limited and started trading under its new name and new share code (ABG) on the Johannesburg Stock Exchange.
The name change marks the start of a new era for the group as a standalone African group with a new brand design fit for a forward-looking business in a digital age.
No longer just a South African brand, the new Absa Group has a presence in 12 African countries and plans to open international offices in the UK and the US.
“Our new name and brand are an expression of our new purpose and strategic direction, which commits us to growing in Africa,” Absa Group Limited Chief Executive Officer Maria Ramos said. “We are rallying around a shared sense of purpose and identity while celebrating our diversity,” she said.
In Kenya, the change means a continuation of the products and services that customers currently use. Barclays Bank of Kenya will be renamed at a later stage, subject to regulatory and other approvals. Right now, the bank will continue to trade and operate under the Barclays brand in Kenya even though the parent company’s name has changed to Absa Group Limited.
Barclays Bank of Kenya Managing Director, Jeremy Awori commented: “We are excited about the opportunity that this change brings as part of our journey towards becoming a truly transformative bank that is modern, fast-thinking and relevant for future.”
“While our parent name has changed today, our clients and customers can continue to bank with us as confidently as they always have. We are here to stay, working with all our stakeholders to grow a better Kenya. We remain committed to delivering mutual benefits to our shareholders, customers, communities and our country.”
Absa Group launched a new growth strategy on 1 March 2018 as it separates from Barclays PLC.
The rollout of the new Absa brand design in South Africa will be completed in 2019. The new Absa brand will also be rolled out to Absa Group’s Barclays banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia by mid-2020, subject to approvals including from regulators in those countries.
