Barclays Africa Group is set to rebrand to Absa Group Limited today (Thursday).
The continental lender said this in a notice to its shareholders saying the same is subject to regulatory and shareholders’ approval.
"The name change will be effective from
May 30," the bank said.
The Star were the first to speculate the name change to Absa in November last year.
This was after Barclays Africa Group said in a statement to media that the African subsidiary was working with Barclays PLC to successfully separate processes, policies and systems in a way that will not cause any unnecessary disruption.
"Barclays Africa Group is undertaking extensive research into its brand future, incorporating views from across the continent and from top brand advisers. A dedicated team has had more than 130,000 conversations with employees, customers, clients and other stakeholders in all the markets in which Barclays Africa Group operates," deputy CEO Peter Matlare said.
In June last year, Barclays announced that it had agreed terms for operational separation with UK-based Barclays PLC, after the latter said it would reduce its shareholding in Barclays Africa.
The bank is also expected to officially announce its first ever full year financial results where its profit rose four per cent to grew to R73.3 billion from R72.4 billion in 2016.
Barclays Africa Group has a 100 per cent stake in ABSA Financial Services Limited in South Africa, which has a larger foot-print in the continent. It has 736 branches, 8,937 ATMs, 9.3 million customers and 31,234 employees.
Barclays Africa has 68.5 per cent stake in Barclays Kenya which is the second largest market in the continent with 98 branches, 216 ATMs, 519,230 customers and more than 2, 600 employees.
The lender also operates in Botswana, Mauritius, Mozambique, Seychelles, Uganda and Ghana where Barclays Africa has 100 per cent ownership.
In Tanzania, where Barclays Africa has a 55 per cent stake, the firm is divided into two subsidiaries: the National Bank of Commerce and Barclays Bank of Tanzania (BBT).