The Barclays Africa Group is to rebrand to Absa Group by 2020, subject to receiving the appropriate regulatory and shareholder approval in all their operating countries.
The Barclays PLC has since December 2017, reduced its stake in the Africa Operations from 62 to 15 per cent.
Madam Maria Ramos, the Chief Executive Officer of Barclays Africa Group said “the sell-down gave us the opportunity to roll out a brand that reflects our identity in Africa and to unite our operations in 10 countries behind one name”.
Madam Ramos, speaking through a teleconferencing on the Bank’s full year financial results, said the Absa brand has substantial equity as one of the largest banks in South Africa and enjoyed recognitions in many of the countries in which Barclays Africa operates under the Barclays brand currently.
Absa is currently the brand of the Group’s South African business.
The CEO said the Group undertook extensive research internally and externally in a process that included more than 130,000 conversations with employees and stakeholders about the brand and strategy of the Group.
“The implementation of this decision necessitates that we take into account practical considerations and dynamics in each market so that it is as seamless as possible.
“The change will be rolled out in time, bearing in mind the mid-2020 rebranding deadline. This transaction will be undertaken with the utmost care,” she added.
She said the Group was re-setting their business with a bold, new growth strategy that leverages their existing footprint and market insights and the new identity was further evidence of the scale of the transformation and change in their business, a new brand for a new banking Group.
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