Barclays Africa has changed its name to ABSA Group effective today 11 July 2018, after the completion of a corporate name and brand change on the Johannesburg Stock Exchange (JSE).
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.
As a result, the Bank will now trade on the JSE with the new code (ABG).
The rebranding to ABSA in South Africa will be completed in 2019, while those in other countries across the continent 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.
According to bank, 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.