…targets 12% of Africa’s banking revenue
In the Wednesday, May 02, 2018 edition of the Goldstreet Business Newspaper, we erroneously published ‘Barclays Bank to become Absa Ghana this month.’
We are reproducing a recent Press Release from the Barclays Africa Group to correct our earlier misleading information about the name change in this month, May.
We sincerely apologize for any inconvenience caused.
The Barclays Africa Group have announced new business strategies to deliver ambitiously on its goals following the successful sell-down of its majority shares by Barclays PLC.
The Group has also set out a clear ambition to double its market share to 12 percent of the continent’s banking revenue, restore market leading position in core businesses while leveraging on its new brand name as the Absa Group Limited.
Barclays Africa Group CEO Maria Ramos said, “Our overriding goal is to become a banking group of which Africa can be proud, a forward-looking African business that recognises our African heritage, rooted in Africa, with global reach. We have a clear and undiluted ambition to double in size and achieve a 12 percent market share of banking revenues across Africa in five years. It is a bold plan for growth.”
A priority for Barclays Africa is to restore leading positions in core business areas, while expanding into new markets, enabling the group to deliver double-digit growth.
The Group, according to Ramos, will expand its corporate and investment banking unit to certain international jurisdictions, with offices set to open in London and later in New York, trading as Absa Securities.
The Group also seeks to offer opportunities for clients to financial markets offshore, providing access to corporates and institutions seeking to invest in Africa.
“As an independent and stand-alone business, Barclays Africa will have the agility, the means and the risk appetite to strive for growth,” Ramos said.
Barclays Africa Group Limited will be renamed Absa Group Limited in due course and trade as Absa across its operations (currently branded Barclays) in Africa, pending shareholder and regulatory approvals.
“The sell-down gave us the opportunity to roll out a brand that reflects our identity in Africa and to unite our operations in 10 countries behind one name.” Ramos said “we will be Absa, not as you know it, but relaunched, re-presented and with an identity fit for the new and forward-looking business we are creating.”
Absa is currently the brand of the Barclays Africa Group’s South African business. The Absa brand has substantial equity as one of the largest banks in South Africa and enjoys recognition in many of the countries in which Barclays Africa operates under the Barclays brand currently.
Barclays Africa Group undertook extensive research internally and externally, in a process that included more than 130,000 conversations with employees and stakeholders about the brand and strategy of the Group.
“The implementation of this decision necessitates that we take into account practical considerations and dynamics in each market so that it is as seamless as possible. The change will be rolled out in time, bearing in mind the mid-2020 rebranding deadline. This transition will be undertaken with the utmost care,” said Peter Matlare, Deputy CEO.
“We are re-setting our business with a bold, new growth strategy that leverages our existing footprint and market insights,” Ramos said. “The new identity is further evidence of the scale of the transformation and change in our business – a new brand for a new banking group,” Ramos said.