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July 12, 2018

Barclays Africa to rebrand as Absa Group

Barclays Africa Group has said that it will be rebranded as Absa Group as part of its new business strategy.

The move follows the successful sell-down by Barclays of its majority interest in Barclays Africa Group.

The business will be renamed in due course, subject to shareholder and regulatory approvals.

Currently, Absa represents the brand of the Barclays Africa Group’s business in South Africa.

As part of its new business strategy, the company’s aims to double market share to 12% of African banking revenues.

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.”

Under the new strategy, Barclays Africa aims to strengthen its core business areas and expand to new markets.

The bank plans to expand its corporate and investment banking unit to certain regions. It is also scheduled to open offices at London and later in New York, trading as Absa Securities.

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.”

In another development, Absa has launched banking via messaging service Whatsapp in South Africa.

Introduced as a part of its social media banking strategy, the new service will enable the bank’s customers to carry instant transactions through Whatsapp. The service is also said to be available on Facebook Messenger and Twitter.

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