Barclays Africa has changed its name to ABSA Group effective today [11 July, 2018].
It follows the completion of a corporate name and brand change on the Johannesburg Stock Exchange (JSE).
As a result, the Bank will trade on the JSE with the new code (ABG).
Speaking at the ceremony this morning in South Africa, the CEO of ABSA, Maria Ramos said the move demonstrates the bank’s new purpose and strategic direction which is geared at growing in Africa.
The rollout of the new ABSA brand design in South Africa will be completed in 2019 while those in other countries across Africa will be completed by mid-2020.
The name and brand change follows Barclays Bank PLC’s decision to sell down majority shareholding in the Barclays Africa Group. Barclays Plc has since reduced its stake in the Africa operations from 62 to 15 percent.
Today’s exercise will however not affect the functionality of ABSA or Barclays products and services in Africa. Also, branches of Barclays Africa in countries such as Ghana, will continue to do business as Barclays until all internal regulatory processes are completed.
By: Pius Amihere Eduku/citibusinessnews.com/South Africa