Barclay Bank begins trading as Absa Bank Kenya following official name changeFebruary 10, 2020
NAIROBI, Kenya, Feb 10 – Barclays Bank of Kenya has officially changed its name to Absa Bank Kenya PLC, a year and a half after Absa Group bought a controlling stake at the bank’s parent company Barclay Africa, prompting the name change.
The newly rebranded bank has also kicked off trading activities at the Nairobi Securities exchange under the new name, following a go ahead by the Capital Markets Authority.
In a public announcement released by the company, the firm noted that it had obtained all the requisite shareholder and regulatory approvals about the brand and name change.
“The bank will commence trading with effect from 10th February 2020 as Absa Bank Kenya PLC. All contractual relationships and obligations that the bank has with its customers, partners, and other stakeholders are not affected by the change of its name,” part of the statement indicated.
On Monday, most of the bank’s branches around the country had revamped their brand features, to include a new corporate identity, logo and brand name.
The rebrand, means the company has beaten its June 2020 deadline, which it had set for rebranding all its Kenyan branches.
In 2018, London-based Barclays Plc sold most of its shares in Barclays Africa to end more than a century of the British bank’s involvement in Africa.
At the time, Absa Group Chief Executive Maria Ramos said the move would allow the bank to operate as an African brand.
“This is a defining moment for Barclays Africa. We now have a significant opportunity to determine our own destiny and make our own decisions on what is right for a pan-African focused business,” Ramos said in an official statement.
“Our new brand is an expression of our new group identity as a standalone African bank with global scalability, a single name and brand will enable us to unite behind a single identity, purpose and strategy,” she added.
The Johannesburg-listed company is present in 12 countries in Africa.