Business News of Tuesday, 15 May 2018
Shareholders of Barclays Africa Group Limited have approved that the bank changes its name to Absa Group.
Today’s approval is expected to set in motion, the start of one of the largest re-brand projects in Africa.
A statement from Barclays Bank to Citi Business News on the matter said that the name change is expected to take effect in July 2018.
The Chairman of Barclays Africa Group Limited, Wendy Lucas-Bull said, “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,” she added.
As part of the process, the new name must be registered by South Africa’s Companies and Intellectual Property Commission.
In accordance with the timetable that we have shared with our shareholders, the name change is expected be effective on 11 July 2018.
The group’s share code on the Johannesburg Stock Exchange (JSE) will change from BGA to ABG on 11 July.
The group name change will not affect functionality of Absa or Barclays products and services in Africa.
The group’s Barclays-branded banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia will continue to trade as ‘Barclays’ even after the group name changes to Absa in July.
The Barclays-branded banks in these countries will be rebranded at a later stage, subject to regulatory approvals in those markets.
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.
“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,” Lucas-Bull said.