Absa completes renaming of African subsidiaries after Barclays uncoupling
JOHANNESBURG - Banking group Absa said its subsidiaries in Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia still carrying the Barclays brand were renamed as ‘Absa’ on Monday, completing the name change across the continent.
Absa, whose subsidiaries in Uganda and Mozambique were renamed in November, said Monday's move was another substantial milestone in its separation from Barclays Plc, a three-year process scheduled for completion by mid-2020.
"More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent and beyond,” group chief executive Daniel Mminele said.
"We are now united under a single brand in 12 countries in Africa.”
In March 2016 Barclays said it would reduce its ownership of Barclays Africa Group, now Absa Group, from 62.3 percent to a minority shareholding, over time.
This came in the wake of global bank regulations being tightened after the 2008 financial crisis, making it less attractive for international banks to own stakes in banks abroad.
In December 2017 Barclays concluded the sell-down, leaving the UK company with a 14.9 percent stake in Absa. Barclays has said this is its long-term desired ownership level, with no plans for further sales for now.
- African News Agency (ANA)