File Photo: A woman uses an ATM at a branch of Barclays's South subsidiary Absa Bank in Johannesburg.

Business In The News South Africa

Barclays Africa to continue under old name in nine African countries

JOHANNESBURG, May 15 (ANA) – Barclays Africa Group Limited (BAGL) said on Tuesday that its Barclays-branded banks in nine African countries will continue to trade under the same name even after the group name changes to Absa in July.

Barclays Africa’s shareholders on Tuesday, approved that the group changes its name to Absa Group Limited as part of its re-branding since British parent bank Barclays PLC, reduced its stake to 14.9 percent.

The group, which is headquartered in South Africa, said it would continue trading as Barclays in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia.

“We will in the future have a brand that is reflective of our African identity – this as an enormous opportunity as we create a banking group that Africa will be proud of,” said Wendy Lucas-Bull, chairman of Barclays Africa.

“The vote in support of our name change in July marks another milestone in our separation from Barclays PLC to become an independent African bank with global reach. This is the start of a brand journey that will galvanise our operations across Africa behind a single brand and purpose.”

Barclays Africa Group Limited was formed on 31 July 2013 through the combining of Absa Group Limited and Barclays’ African operations. The company changed from Absa Group Limited to Barclays Africa Group Limited on 2 August 2013 to reflect the enlarged group’s Pan-African focus.

The group said that the name change is expected be effective on 11 July 2018, with the group’s share code on the Johannesburg Stock Exchange (JSE) changing from BGA to ABG on the same date.

Following the sell-down by Barclays PLC of its majority shareholding in Barclays Africa Group to a minority position in 2017, the two companies are separating. As part of the separation agreement, Barclays Africa Group will cease using the Barclays brand in Africa in 2020.

Leave a Reply

Your email address will not be published. Required fields are marked *