The bank hopes to embrace all the opportunities that come with making a change.
We are excited to announce that as of 11 July 2018, Barclays Africa Group Limited will now be known as Absa Group Limited.
The time has come for us to embrace all the opportunities that
come with making a change. A transformation for good. An evolution for
the better.
This is the next step in the journey of our brand changing
across 12 African markets (subject to governance and regulatory
approvals).
Here’s to an African business with global reach. A business committed to finding local solutions for local challenges.
Below we have tried to answer some of the questions that you may have.
What does it mean Barclays Africa Group Limited has changed its name to Absa Group Limited?
By the end of December 2017, London-based Barclays PLC had
reduced its shareholding in our parent company Barclays Africa Group
Limited to 14 per cent allowing us to make some exciting changes.
The first of these was the decision to change our parent company
name from Barclays Africa Group Limited to Absa Group Limited.
Shareholders and regulators have now approved this name change and as of
11 July 2018, Barclays Africa Group Limited will now be known as Absa
Group Limited.
This change is happening at a ground level and you probably
won’t notice at all, as Barclays Bank and other group subsidiaries on
the continent will not change their names immediately.
But it is important, because it is the next step in our journey
to ultimately having one brand, Absa across our operations (subject to
regulatory and anther approvals).
Why are you changing the name Barclays brand?
By the end of 2017 Barclays PLC had reduced its shareholding in
Barclays Africa Group Limited (now Absa Group Limited) from 62.3 per
cent to 14.9 per cent. This means that, although Barclays PLC remains a
partner and shareholder, we can’t legally use the name ‘Barclays’ after
2020.
What happens to the name of the subsidiary companies?
Barclays Africa Group Limited has changed its name to Absa group Limited.
What has changed is our parent’s company name. We have until
mid-2020 to rebrand Barclays Bank in Botswana, Ghana, Kenya Mauritius,
Mozambique, Seychelles, Tanzania, Uganda and Zambia. But we are
committed to progressing as quickly as possible and will keep you
informed along the way.
In the interim, Barclays Kenya may be shown as ‘part of the Absa family’.
You can also expect to see some of the sponsorships change
branding over time, as they will be sponsored by the Absa Group and will
rebrand ahead of the bank-name change in each country. But we’ll let
fans and customers know in advance.
Does this mean my Barclays Bank is immediately going to change to Absa?
No. We will continue to operate and trade as Barclays in Kenya
for now. We have until mid-2020 to rebrand our Barclays operations.
But we are committed to progress as quickly as possible and with due care. We will keep you informed along the way.
Why did you decide on Absa as the new brand?
We know how important a decision like this is and so, before
coming to conclusions, we consulted with colleagues, customers,
shareholders and regulators across the continent in more than 130,000
conversations.
The outcome of this discussions was twofold: we needed one brand
to unite all our operations across Africa. As Absa brand was already
well established, well known with strong African and international
banking credentials. Thus we chose Absa.
Can I have the same confidence in this new brand as I had in Barclays?
Yes, you can bank with us as confidently as you always have.
Absa Group Limited is committed to building on Barclays’ African
heritage and the strengths that we already have on the continent. We
have a deep history and local knowledge in African markets.
Our core products and services haven’t changed. We plan to only
do better. Our customers and clients can bank with us as confidently as
they always have.
When will my bank’s name change?
We have until mid-2020 to rebrand all our Barclays operations.
We will choose the most appropriate timing for the change. But we are
committed to progressing as quickly as possible, and with due care, and
keep you informed along the way.
Is Barclays PLC still involved in any way?
With a 14.9 per cent shareholding in Absa Group Limited,
Barclays PLC is no longer the majority shareholder. However, they do
still have a significant stake in the business and remain a partner
committed to the success of the group.
What will change for customers?
For now, nothing will change. Products, services, cards and
functionality will not be affected by our parent company name change.
Do I need to do anything as a result of the parent company name change?
You do not need to do anything as a result of the change in
parent change. Everything as you know, it will remain the same. While
you can expect changes in the future, we are committed to keeping you
informed along the way.
To find out more go to www.barclays.co.ke/faqs
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