Barclays Africa Group, one of the largest banking groups on the continent, on Thursday disclosed it is seeking regulatory approval to change its name to Absa Group, a move that will affect its operations in Africa.
The rebranding was part of a deal in May 2017 that saw UK based Barclays sell Barclays Africa Group Limited (BAGL) to South African Absa Group.
“A special resolution to this effect will be included in the notice of annual general meeting (AGM) to be issued to shareholders of Barclays Africa Group on 29 March 2018 for the meeting on 15 May 2018” a statement from the Bank issued in Nairobi on Thursday said.
The name change is expected to affect its branches across Africa, Barclays said.
“Investments will be made primarily in rebranding, technology and separation-related projects and it is expected that it will neutralise the capital and cash flow impact of separation investments on the group over time,” CEO Maria Ramos said.
Absa Group owns a majority of stakes of the Banks in Botswana, Ghana, Mauritius, Mozambique, Seychelles and Tanzania.
Barclays Africa operates in 12 countries with approximately 40, 000 employees, serving close to 12 million customers.
The Barclays brand may only be used in the rest of Africa up to 6 June 2020, subject to an additional two-year run off period in respect of debit and credit cards.
The Group is expected to expand its corporate and investment banking unit to certain international jurisdictions, with offices set to open in London and later in New York, trading as Absa Securities.
Source: Journal du Cameroun