Barclays Bank has rebranded as Absa Ghana with a formal event to finalise the move, Monday.
Barclays Bank is going ahead with this after completing the required internal and external rebranding to its new brand and corporate colours, that is the red and white colours of Absa.
The rebranding also took place in six other African countries- Botswana, Kenya, Mauritius, Seychelles, Tanzania and Zambia – completing the name change across the continent. Absa Group’s subsidiaries in Uganda and Mozambique were renamed in November.
Barclays Bank Ghana rebranding is due to the decision by its parent Absa Group to rebrand all its operations in Africa.
This was after Barclays PLC decided to reduce its holding in Barclays Africa. The move gave Barclays Africa the majority stake in Barclays Bank’s subsidiaries in Africa.
The renaming of the remaining subsidiaries today marks another substantial milestone in Absa’s separation from Barclays PLC, a three-year process scheduled for completion by mid-2020.
“More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent and beyond,” said Absa Group Chief Executive Daniel Mminele. “We are now united under a single brand in 12 countries in Africa.” Absa also has representative offices in London and New York.
The group-wide rebranding programme, one of the largest corporate rebranding projects in Africa currently, started with the launch of a refreshed visual identity in South Africa in July 2018 to reflect the group’s new identity as a standalone African bank. The name and brand change programme has seen the Absa logo replacing Barclays branding on thousands of asset types, including branches, offices, ATMs, uniforms, cards, stationary, forms, apps, websites and more.
“Today, we as the Absa Group, re-affirm our commitment to contributing to growth and economic development in Africa. We have a long-established and respected legacy in all our African markets, which will serve us well for the future,” said Peter Matlare, Absa Group Deputy CEO and Chief Executive of Absa Regional Operations. “By adopting the Absa name, we are leveraging our rich African heritage in order to drive relevant initiatives that will further unlock our continent’s potential, deepen regional integration and support accelerated growth,” he said.
The renaming of the subsidiaries is being celebrated with an array of events across the countries, as part of the marketing and communications drive to create awareness of the name change.
The rebranding programme unites Absa’s operations in 12 African countries behind a single identity, purpose and strategy.
In 2016, Barclays PLC announced its intention to reduce its majority shareholding in its African business (Barclays Africa Group) and gradually sold part of its shares to hundreds of established investors through the South African Stock exchange to become a non-controlling shareholder with a 14.9% stake.
This paved the way for the renaming and rebranding of the Barclays Africa Group to Absa Group Limited in July 2018.
According to officials of Absa Ghana, the exciting services that customers receive would not be disrupted in any way, despite the rebranding. Instead, they should expect an improved service offering from today.
Absa argues that the plan to leverage on the strong financial standing of its new parent company that Absa Africa Group to help grow the brand in Ghana after 100 years of service.
“As Absa Bank, we are not only building on the heritage of over 100 years of banking in Ghana, we are also one of Africa’s top three largest banks, backed by a large capital base and balance sheet – boasting of close to a $100 billion in assets,” Absa said.
Absa added that: “we are not only building on the heritage of over 100 years of banking in Ghana, we are also one of Africa’s top three largest banks, backed by a large capital base and balance sheet – boasting of close to a $100 billion in assets.”