RE-BRANDING

Barclays to trade as Absa at the Nairobi Bourse

The change of ticker comes just a week after the lender concluded re-branding in Kenya.

In Summary

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

•The Nairobi Bourse last Monday halted trading of Barclays Kenya shares to facilitate the lender’s transition.

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 Kenya PLC will from today trade as Absa Kenya at the Nairobi Securities Exchange (NSE).

The change of ticker comes just a week after the lender concluded re-branding in Kenya, an initiative which commenced early 2018.

The re-branding is expected in 12 countries across Africa where it has operating as Barclays.

 
 
 

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

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

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 CEO dancing during the grand launch on February 19,2020./EZEKIEL AMINGA
ABSA CEO dancing during the grand launch on February 19,2020./EZEKIEL AMINGA

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

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.

In June 2017, Barclays PLC sold 187 million ordinary shares in Barclays Africa Group, which represents approximately 22 per cent of Barclays Africa’s issued share capital reducing its shareholding in Barclays Africa to below 50 per cent.

Barclays Africa operates in 12 countries with approximately 40 thousand employees who serve close to 12 million customers.

ABSA grand launch./EZEKIEL AMING'A
ABSA grand launch./EZEKIEL AMING'A

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