ABSA completes name change across the continent

Absa Group’s Barclays-branded subsidiaries in seven African countries – Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia – were rebranded in February under the ‘Absa’ name to reflect the group’s new identity as a standalone African bank. The ‘ABSA’ name is derived from Amalgamated Banks of South Africa.

The renaming of the remaining subsidiaries completes the name change across the continent as part of Absa’s separation from Barclays Bank, a three-year process scheduled for completion by mid-2020. Subsidiaries in Uganda and Mozambique were previously rebranded under the Absa name last November.

“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,” said Absa Group Chief Executive Daniel Mminele. “We are now united under a single brand in 12 countries in Africa.” Absa also has representative offices in London and New York.

Barclays announced that it was to reduce its ownership of Barclays Africa Group Ltd from 62.3% to a minority shareholding in 2016. It concluded the sell-down in December 2017, leaving the UK bank with a 14.9% stake in the renamed Absa Group Ltd.

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