Barclays Bank Botswana becomes Absa in 2020

08th March 2018
Reinette Van Der Merwe, Barclays Bank MD Source:The Midweek Sun

Barclays Bank of Botswana Limited Managing Director, Reinette Van Der Merwe announced that the bank will change its name to Absa in the next two years after the group completes its rebranding exercise in Africa.

Briefing the media, Reinette Van Der Merwe said the group will remain a listed entity within Absa group and will start its rebranding exercise in June this year. “Barclays Africa Group Limited will be renamed Absa Group Limited in due course and trade as Absa across its operations in Africa, pending shareholder and regulatory approvals.” said Van Der Merwe.

Presenting the financial results last week, Barclays Africa Group CEO, Maria Ramos said they are setting out to become ‘the banking group Africa will be proud of” and they want to be known for innovation and excellence. “The legacy of our years as part of Barclays PLC has endowed us with many assets and benefits, notably giving us the opportunity to expand our presence meaningfully across 10 countries in Africa. “As we now separate and become an independent business, we can see and do things differently.

We are free to pursue our own direction, and have seized this opportunity to set a bold new course,” she said. She said Barclays Africa Group undertook an extensive research internally and externally, in a process that included more than 130 000 conversations with employees and stakeholders about the brand and strategy of the group.

However, the group announced in a statement that in South Africa, the term “Member of Barclays” must be removed by 6 June 2018, subject to an additional two-year run off period in respect of cards; and the use of the name “Barclays Africa Group Limited” is permitted up to 6 June 2020. BB wishes to reiterate that BAGL’s proposed change of name will not affect BAGL’s shareholding in its African operations, including Barclays Bank Botswana (BBB).

“BBB continues to have a clear strategy in Botswana and remains focused on executing that strategy. BBB will continue to serve its customers as it has done for over 67 years and accordingly advise all stakeholders of all material developments,” reads the statement.

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