Barclays Africa Group has outlined a new business strategy to achieve its future goals following the successful sell-down by Barclays of its majority interest.

The group has also decided to have a new corporate identity and rename itself as Absa Group, subject to shareholder and regulatory approval.

Currently, Absa is the brand name of the Barclays Africa Group’s South African business.

It noted to have carried out an extensive research internally and externally with various stakeholders and employees about the new brand and its strategy.

Barclays Africa Group CEO Maria Ramos said: “Our overriding goal is to become a banking group of which Africa can be proud, a forward-looking African business that recognises our African heritage, rooted in Africa, with global reach.

“We have a clear and undiluted ambition to double our market share of African banking revenues to 12%.”

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By GlobalData

Barclays Africa Group aims to strengthen its positions in core business areas as well as expand to new markets to register a double-digit growth.

It also aims to expand the corporate and investment banking unit to certain international jurisdictions with a planned expansion in London and then later to New York.

Ramos added: “We are re-setting our business with a bold, new growth strategy that leverages our existing footprint and market insights.

“The new identity is further evidence of the scale of the transformation and change in our business – a new brand for a new banking group.”