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BY JOAN WANJIKU,NAIROBI,1ST MARCH 2018-Barclays Africa Group Limited is set to re-brand to ABSA Group Limited.Barclays Kenya CEO Maria Ramos says the move is aimed at making sure the bank rips maximum benefits that come with such a move as well as take advantage of the ever increasing opportunities brought about by changing market trends globally.
“Today, we announce that we will rename Barclays Africa Group as Absa Group and will have one name across our operations in future, if regulators and shareholders approve,” Barclays Bank Kenya announced.
The change will be effected in May 2018 after seeking the shareholders’ approval at the annual general meeting.
After separating from its UK parent Barclays, the African subsidiary agreed to cease from using the Barclays name.
“Investments will be made primarily in re-branding, technology and separation-related projects and it is expected that it will neutralize the capital and cash flow impact of separation investments on the group over time,” CEO Maria Ramos said.
In May, Barclays sold its 62 per cent stake in its South African unit and has given itself up to 2019 to complete the sale of its 14.9 per cent stake.
The l announcement was made on Thursday March 1, after releasing results for the year ended December 2017.