TRANSITION

Barclays Bank moves to complete transition before June

Lender expects to complete rebranding and transition process before June 2020.

In Summary

• Absa has been undergoing a transition after parting ways with Barclays plc, which reduced its shareholding in the African financial services group to a minority stake in 2017

• Absa launched a strategy in March 2018, which focused on regaining market share in core businesses.

Absa Bank Kenya PLC managing director Jeremy Awori celebrates with staff at the Sarit Centre branch during the official unveiling of the Absa brand in Kenya on February 10
Absa Bank Kenya PLC managing director Jeremy Awori celebrates with staff at the Sarit Centre branch during the official unveiling of the Absa brand in Kenya on February 10
Image: COURTESY

Barclays Bank of Kenya has officially changed its name to Absa Bank Kenya Plc, four months ahead of schedule.

“This is a major milestone for our business, and we will be engaging stakeholders in the coming days to celebrate the successful launch of the Absa brand,” Absa Bank Kenya PLC managing director Jeremy Awori said.

The lender expected to complete the rebranding and transition process before June 2020.

 
 

The Nairobi Bourse on Monday halted trading of Barclays Kenya shares to facilitate the lender’s transition into Absa Kenya.

A public notice by the Nairobi Securities Exchange shows temporary halting trading of the bank’s shares was necessary to enable settlement of all outstanding obligations as the lender changes its trading from Barclays Bank of Kenya Limited to Absa Bank Kenya Plc.

This will see the bank’s ticker (trading name) at the bourse change from BBK to ABSA.

“The temporary halt will take place on Monday 10th February 2020 and is in line with clause 9.4.2 of the NSE Equities Trading Rules,” the notice stated.

This, as the lender, finalises its transition and rebranding process.

Absa has been undergoing a transition after parting ways with Barclays Plc, which reduced its shareholding in the African financial services group to a minority stake in 2017.

The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa.

 
 

It also includes transitioning from the Barclays brand to ‘Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018.

Absa launched a strategy in March 2018, which focused on regaining market share in core businesses.

As at end of November 2019, the transformation process was 90 per cent complete with the lender expecting to finalise the transition, having injected up to Sh910 million into the separation programme.

Following receipt of all regulatory approvals, Barclays Life Assurance Kenya Limited has also changed to Absa Life Assurance Kenya Limited effective February 10.

"For more than 100 years, we have proudly served the people of Kenya, and today we are excited to renew this commitment as we become Absa, a brand that embodies the core values of innovation, entrepreneurship, and resilience that Kenyans are known for," Awori said. 


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