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How Barclays change of name will affect customers

NEWS
By Fredrick Obura | Jul 19th 2018 | 2 min read
By Fredrick Obura | July 19th 2018
NEWS

NAIROBI, KENYA: By the end of December 2017, London-based Barclays PLC had reduced its shareholding in Barclays Africa Group to 14.9 per cent, allowing the company to make some changes.

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

The Change is happening at a group level and probably you wont 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).

The Bank on Thursday clarified some of the questions many Kenyans have been asking over the move

Why are you changing the Barclays brand?

By the end of 2017 Barclays PLC had reduced its shareholding in Barclays Africa Group from 62.3 per cent to 14.9 per cent. This means that, although Barclays PLC remains a partner and shareholder, we cent legally use the name “Barclays” after 2020.

What happens to the names of 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 customers informed.

In the interim, Barclays Kenya may be shown as part of 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

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

Yes, Absa Group is committed to building on Barclays African heritage and the strengths that we already have on the continent. We have a deep history in the African market.

When will the 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.

Is Barclays PLC still involved in any way?

With 14.9 per cent shareholding in Absa Limited, Barclays PLC is no longer the majority shareholder. However, they do still have a significant stake in the business and remain a partner.

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