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Barclays Africa Group rebrands to Absa Group Limited

By Standard Reporter | Published Fri, August 10th 2018 at 13:52, Updated August 10th 2018 at 14:53 GMT +3
Barclays Africa Group Limited will now be known as Absa Group Limited. [Courtesy]

We are excited to announce that as of 11 July 2018, Barclays Africa Group Limited will now be known as Absa Group Limited.

Kenya

The time has come for us to embrace all the opportunities that come with making a change. A transformation for Good An evolution for better.

This is the next step in the journey of our brand changing across 12 African markets (subject to governance and regulatory approvals).

Here’s to an African business with global Reach. A business committed to finding local solutions for local challenges.

Below we have tried to answer some of the questions you may have

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What does it mean that Barclays Africa Group Limited has changed its name to Absa Group Limited?

By the end of December 2017, London-based Barclays PLC had reduced its shareholding in our parent company Barclays Africa Group Limited to 14.9%, allowing us to make some exciting changes.

The first of these was the decision to change our parent company name from Barclays Africa Group Limited to Absa Group Limited. Shareholders and regulators have now approved this name change and as of 11 July 2018, Barclays Africa Group Limited will now be known as Absa Group Limited.

This change is happening at the group level and you probably won’t notice any change at all, as Barclays Banks and other group subsidiaries on the continent will not change their name immediately.

But it is important, because it is the next step in our journey to ultimately having one brand, Absa, across our operations (subject to governance and regulatory approvals).

Why are you changing the Barclays brand?

By the end of 2017 Barclays PLC had reduced its shareholding in Barclays Africa Group Limited (now Absa Group Limited) from 62.3% to 14.9%.

This means that, although Barclays PLC remains a partner and shareholder, we can’t legally use the name “Barclays” after 2020.

What happens to the names of the subsidiary companies?

Barclays Africa Group Limited has changed its name to Absa Group Limited. What has changed is our parent company’s name. We have until mid-2020 to rebrand Barclays Banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia. But we are committed to progressing as quickly as possible and will keep you informed along the way.

In the interim, Barclays Kenya may be shown as ‘part of the Absa family’.

You can also expect to see some of the sponsorships change branding over time, as they will be sponsored by the Absa Group and will rebrand ahead of the bank-name change in each country. But we will let customers and Kenyans know in advance.

Does this mean my Barclays Bank is immediately going to change to Absa?

No. We will continue to operate and trade as Barclays in Kenya for now. We have until mid-2020 to rebrand our Barclays operations. But we are committed to progressing as quickly as possible and with due care. We will keep you informed along the way.

Why did you decide on Absa as the new brand?

We know how important a decision like this is and therefore before coming to any conclusions, we consulted with colleagues, customers, stakeholders and regulators across the continent. The outcome of these discussions was twofold: we needed one brand to unite all our operations across Africa. The Absa brand is already well established, well-known with strong African and international banking credentials. Thus we chose Absa.

Can I have the same confidence in this new brand as I had in Barclays?

Yes, you can bank with us as confidently as you always have. Absa Group Limited is committed to building on Barclays’ African heritage and the strengths that we already have on the continent. We have a deep history and local knowledge in African markets. Our core products and services haven’t changed. We plan to only do better. Our customers and clients can bank with us as confidently as they always have.

When will my bank’s name change?

We have until mid-2020 to rebrand all our Barclays operations. We will choose the most appropriate timing for the change. But we are committed to progressing as quickly as possible, and with due care, and will keep you informed along the way.

Is Barclays PLC still involved in any way?

With a 14.9% shareholding in Absa Group Limited, Barclays PLC is no longer the majority shareholder. However, they do still have a significant stake in the business and remain a partner committed to the success of the group

What will change for customers?

For now, nothing will change. Products, services, cards and functionality will not be affected by our parent company name change.

Do I need to do anything as a result of the parent company name change?

You do not need to do anything as a result of the parent company name change. Everything will remain the same and expect better in the future, we are committed to keeping you informed along the way.

To find out more information, please visit  www.barclays.co.ke/faqs


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