Barclays Africa Group (BAG) plans to invest around £72m in the next three years to transform its retail and business banking division’s branch network, automated teller machines (ATMs) and to digitize its channels in South Africa.
The move by the bank, whose branches are branded as Absa in South Africa, is to get back lower-income customers lost to Capitec Bank and business clients to Standard Bank.
Go deeper with GlobalData
BAG retail and business banking CEO Craig Bond said Barclays has lost thousands of customers to Capitec, First National Bank (FNB) and Standard Bank, and that they were very conservative on personal loans.
"We have committed R1.2bn to start transforming our branch network," Bond added.
To attract customers, the bank is also working with a retailer to launch a new bank account, which will be the cheapest in the country.
According to the lender, it has also learnt some skills from banks such as HSBC, Standard Bank and Nedbank, and had analyzed the challenges faced in the retail and business banking division.
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 retail banking division of Barclays Africa Group has 9.2 million customers, 864 branches and 9,162 ATMs in South Africa.
