Barclays Africa Group has changed its name to Absa Group Limited.
The move comes after London-based Barclays PLC reduced its shareholding in the parent company Barclays Africa Group in December 2017 to 14.9 percent from 62.3 percent, which in turn gave them a chance to make changes.
According to the bank, the first change was the decision to change their parent company name from Barclays Africa Group Limited to Absa Group Limited. Shareholders and regulators approved the name change.
This change is happening at the group level and you probably won’t notice any change at all, as Barclays Banks and other group subsidiaries on the continent will not change their name immediately.
The change is set to happen across the 12 African markets, subject to governance and regulatory approvals, but at the moment, the bank continues to operate and trade as Barclays in Kenya.
Barclays Bank Africa disclosed that although Barclays PLC remains a partner and shareholder, they cannot legally use the name “Barclays” after 2020, thus the move to change to Absa Group Limited.
“We have until mid-2020 to rebrand Barclays Banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda, and Zambia. But we are committed to progressing as quickly as possible and will keep you informed along the way,” read a statement from the Barclays Bank Kenya.
Barclays Bank Kenya has assured customers that nothing will be changing with the change of name as products, services, cards, and functionality will not be affected.
In the interim, Barclays Kenya may be shown as ‘part of the Absa family’.
The bank further noted that some of the sponsorships will change branding over time, as they will be sponsored by the Absa Group and will rebrand ahead of the bank-name change in each country.
“But we will let customers and Kenyans know in advance. We are committed to progressing as quickly as possible and with due care. We will keep you informed along the way,” further read the statement.
Absa Group Limited (previously Barclays Africa Group) is one of Africa’s largest diversified financial services groups. Absa Group has a presence in 12 countries in Africa, with approximately 42,000 employees.