Absa has reached a significant milestone in its separation from Barclays by concluding the rebranding of its Barclays-branded units across the African continent.
The firm’s subsidiaries in Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia have now adopted the Absa brand.
Go deeper with GlobalData
Its Uganda and Mozambique subsidiaries already adopted the name Absa last year.
The renaming brings together Absa units in 12 African countries under a single brand.
Absa Group deputy CEO Peter Matlare said: “We have a long-established and respected legacy in all our African markets, which will serve us well for the future.
“By adopting the Absa name, we are leveraging our rich African heritage in order to drive relevant initiatives that will further unlock our continent’s potential, deepen regional integration and support accelerated growth.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe move follows the sell-down of Barclays’ majority stake in Barclays Africa Group that was largely triggered by tougher regulatory norms following the financial meltdown in 2008.
In 2017, the British lender’s stake in Barclays Africa Group was diluted to 14.9%. In July 2018, Barclays Africa Group was rebranded as Absa Group.
Commenting on the rebranding, Absa Group CEO Daniel Mminele said: “More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent and beyond.”
