Barclays Africa is to change its brand name to Absa Group subject to the necessary regulatory and shareholder approval, Group Chief Executive, Maria Ramos, disclosed on Thursday.
The move confirms an earlier report that the Bank would be rebranded.
She told reporters that the move would also affect the Ghana unit and result in a name change.
The change of name, she said, could take up to two years to be completed.
Maria Ramos said, “This is an exciting time for us. The sell-down has provided us with the headroom to reinvigorate our company while building on the proud heritage Barclays has in Africa.
We will work hard to deliver on our new strategy and to build our reputation as a bold, trusted, innovative and customer-focused brand. Barclays Africa group is building a scalable, digitally led business, passionate about innovation,” she said
Barclays Africa Group, has released its first annual financial results since the successful conclusion of the reduction by Barclays PLC of its majority shareholding in Barclays Africa Group last year.
The Group reported a 4 percent increase in headline earnings in 2017 as impairments declined substantially from a high base in 2016. Return on equity of 16.4 percent remains strong.
Headline earnings, a measure analysts use to gauge profitability, grew despite the continued slow economic expansion in some of the Group’s largest markets, including South Africa, where the Group generates approximately 80 percent of its income.
Barclays Africa Group continues to have solid balance sheet assets of R1.2 trillion and strong capital and liquidity levels – these are measures of the strength of buffers banks have in place to protect customer deposits.