Absa Bank's Jeremy Awori (left) and CEO Nairobi Securities Exchange Geoffrey Odundo during the execution of the first trade live in the market at Nairobi Securities Exchange in Nairobi. [Jonah Onyango, Standard]
Absa Bank Kenya’s shares yesterday started trading at the Nairobi Securities Exchange (NSE) following the finalisation of its transformation from Barclays.
The move is a culmination of the lender’s reorganisation following an agreement by UK banking giant Barclays Plc to sell its controlling stake in Barclays Group Africa in 2017.
The firm launched its new ticker at the bourse, dropping the Barclays brand and “BBK” ticker that has been synonymous with its operations in the Kenyan market for the last 104 years.
“The separation included elements of transformation and making ourselves future proof with investment in technology systems, and this will continue in all our markets,” said Absa Group Chief Executive Daniel Mminele at the bourse. Following the lender’s completion of its rebranding on Tuesday last week, NSE suspended trading of Barclays shares to allow for completion of the transition.
Absa Bank Kenya Chief Executive Jeremy Awori said the lender is set to introduce new offerings across its various products segments as part of the new brand identity, with a special focus on Small and Medium Enterprises (SME) and digital lending.
“We have two million salaried people, but we have more than 10 million entrepreneurs running businesses and our commitment is to try and revive the SME sector right from start-ups to fairly large businesses,” he said.
