Absa Group Limited, one of Africa’s largest diversified financial services group based in Johannesburg, South Africa, has taken over Barclays Africa Group, which has presence across Africa and a representative office in Nigeria.
The development follows Barclays Plc decision in 2017 to reduce its shareholding in Barclays Africa Group to a minority stake of 14.9 percent, as the two companies begin separating operations.
In 2016, Barclays started reducing its 62.3 percent shareholding in Barclays Africa Group after changes in international regulations following the 2008 global financial crisis made it less attractive to own stakes in large banks abroad.
On July 11, 2018, Absa Bank in South Africa and, Absa Group overall launched their new identity. This marked the official commencement of a new era for the bank – one characterised by its tenacious African spirit and commitment to continue being an important part of the African growth story.
The journey to the new brand was a collaborative one involving colleagues, customers and other key stakeholders across the continent.
“Our new brand is an expression of the new identity we are creating as an entrepreneurial, digitally led bank with deep knowledge of African markets and with global scalability”, Marie Jamieson, head of marketing and communications Africa regions, said while addressing journalists across Africa.
Speaking to about 20 selected journalists from nine African countries including Nigeria who had completed a Data Journalism Master Class at the Rhodes University; she said Barclays-branded subsidiaries across Africa would be rebranded in June 2020.
“We remain a financially independent, strong and well-capitalised African banking group after the separation: clients and customers can bank with us as confidently as you always have”, Jamieson said in South Africa before the commencement of Highway Africa Conference held in Makhanda (formerly Grahamstown) recently.
Absa Group Limited reported an increase in earnings, revenue and dividend for the first half of 2018. The group reported its first set of financial results as `Absa Group’ after being renamed on 11 July 2018 as it separates from the international Barclays PLC group.
The bank in 2018 launched its second Absa Africa Financial Markets Index (AAFMI) as the outcome of its partnership with Official Monetary and Financial Institutions Forum (OMFIF).
The index aims to present current positions, and also make suggestions as to how economies can improve market framework to meet yardstick for investor access and sustainable growth.
In the index report, countries are assess around six pillars: market depth, access to foreign exchange, tax and regulatory environment and market transparency, capacity of local investors, macroeconomic opportunity, and enforceability of financial contracts, collateral positions and insolvency framework.
