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Barclays Africa Rebranding To ABSA After Separating From UK Barclays

Barclays Africa Group Limited is set to re-brand to ABSA Group Limited.

The lender made the announcement on Thursday morning after releasing its results for the year end December.

“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.

The change will be effected in May after seeking the shareholders’ approval at the annual general meeting.

After separating from its UK parent Barclays, the African subsidiary agreed to cease from using the Barclays name.

“Investments will be made primarily in rebranding, technology and separation-related projects and it is expected that it will neutralise the capital and cash flow impact of separation investments on the group over time,” CEO Maria Ramos said.

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In May, Barclays sold its 62 per cent stake in its South African unit and has given itself up to 2019 to complete the sale of its 14.9 per cent stake.

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