Barclays Africa Group has announced its intention to change its name from Barclays Africa Group Limited to Absa Group Limited, subject to regulatory and shareholders’ approval.
“Today, we announce that we will rename Barclays Africa Group as Absa Group and will have one name across our operations in future, if regulators and shareholders approve.” Barclays Bank Kenya announced on its Twitter handle.
This decision comes after its parent firm sold majority interest in it. Barclays’ total interest in Barclays Africa is currently at 14.9% from more than 60% it held two years ago. Barclays has further indicated that the 14.9% represents its desired long term share holding in Barclays Africa and that no further sales are planned at this time.
The Barclays name and brand has been a common feature in the countries where it has been operating for more than 90 years. In Kenya for instance, the bank has operated here under the Barclays brand for more than 100 years.
After sale by Barclays PLC of its majority interest in in Africa, the latter agreed to cease to use the name and brand of the former. Countries that will be affected by this decision are those in Uganda, Kenya, Ghana, Mauritius, Mozambique, Seychelles, Tanzania and Zambia, who will have to change to a new identity, now ABSA.
Barclays Bank of Kenya said the name change of local operations will be effected in May after seeking shareholder approval at the annual general meeting.