Absa has finalised its brand transition with the completion of the rebranding of the bank subsidiaries in Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia on Monday.
The Absa subsidiaries in Uganda and Mozambique were the first to be rebranded in November last year.
Absa was formally known as Barclays Bank, whose parent company – Barclays Plc in March 2016, announced it would reduce its stake in the Barclays Africa (now called Absa) from 62.3 per cent to a minority shareholding.
Mr Peter Matlare, the Absa Group deputy chief executive officer, said in a statement that the global transition, which seeks to enhance growth, especially in Africa, had been completed.
“By adopting the Absa name, we are leveraging our rich African heritage to drive relevant initiatives that will further unlock our potential, deepen regional integration and support accelerated growth,” he said in a statement
The group-wide rebranding, one of the largest corporate rebranding projects in Africa, started in South Africa in July 2018 before moving to Uganda and Mozambique.
Mr Daniel Mminele, the Absa Group chief executive, said the rebranding signaled a transition that had separated Absa from Barclays PLC, a three-year process scheduled for completion by mid-2020.
“This is more than a name change; it is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent and beyond,” he said, noting the bank is united under a single brand across the 12 countries in Africa.
Barclays Plc sold its majority stake to retain 14.9 per cent in the Barclays Africa unit.
During the launch in Kampala last year, Mr Nazim Mahmood, the Absa Uganda acting managing director, said the change would have no effect on customer details apart from tangible effects such as ATMs, among others.
March 2016: Barclays Plc announces it will reduce its ownership of Barclays Africa Group from 62.3% to a minority shareholding, over time.
December 2017: Barclays concludes the sell-down, leaving it with a 14.9 per cent stake.