Barclays Africa launches new branding as Absa Group

barcleys afdbABSA Group Limited provides personal and business banking, credit cards, corporate and investment banking, wealth and investment management services etc. (Image source: rawpixel/Pixabay)Barclays Africa Group Limited started trading under its new name Absa Group Limited and new share code (ABG) on the Johannesburg Stock Exchange

According to Barclays, the name change marks the start of a new era for the group as a standalone African group with a new brand design fit for a forward-looking business in a digital age.

The new Absa Group has a presence in 12 African countries and plans to open international offices in the UK and the US.

“Our new name and brand are an expression of our new purpose and strategic direction, which commits us to grow in Africa,” said Maria Ramos, CEO of Absa Group Limited. “We are rallying around a shared sense of purpose and identity while celebrating our diversity,” she added.

Absa Group launched a new growth strategy on 1 March 2018 as it separates from Barclays PLC. The strategy aims to prioritise cultural transformation as well as restoring leadership position in the group’s core business areas, and developing pioneering propositions for customers and clients. The new Absa brand design is an expression of the group’s new purpose, which is ‘bringing your possibility to life.’

The rollout of the new Absa brand design in South Africa will be completed in 2019. The new Absa brand will also be rolled out to Absa Group’s Barclays banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia by mid-2020, subject to approvals including from regulators in those countries. Product and service functionality will not be affected by the rebranding programme.

In renaming Barclays banks across the continent, the group hopes to be able to build on the pedigree of the Absa brand as a strong and stable bank. The brand has substantial equity - Absa was named the fourth most valuable brand, with an estimated value of about US$1.5bn, in South Africa by global brand valuation and strategy consultancy Brand Finance this year.

“We would like to build the brand as a bank that Africa’s people can be proud of, a truly independent African bank with global scalability,” commented Ramos.

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