Barclays Africa Group To Change its name to Absa Group Limited
Barclays Africa Group limited is in the process of changing its name to Absa Group Limited.
The Group is owned by Barclays Plc which has 15 percent stake, other international investors who hold 44 percent and South African shareholders with 41 percent.
Barclays Africa owns 68.5 percent of Barclays Bank Kenya hence the Kenyan subsidiary will change its name to Absa.
As per the management team, the bank’s new strategy (2018-2022) is in line with the Groups “one Africa” strategy aimed at leveraging on economies of scale.
This enables the Group to build a scalable digitally-led business as well as position itself for growth opportunities. Barclays Africa’s asset base stood at USD 98.5 billion making it Africa’s third largest bank after Standard Bank (SA) and FirstRand (SA).
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