Barclays Bank Ghana Limited has commenced operations as Absa Bank Ghana Limited, a subsidiary of Absa Group Limited, after receiving all required regulatory approvals from the Bank of Ghana. The name changes mark the start of a new era for the bank’s operations as a forward-looking African bank with global reach.
“Today, we begin a new chapter as Absa Bank Ghana Limited, while we retain our 100-year heritage of indelible commitment to Ghana’s economic growth. Our new brand demonstrates our commitment to building a bank that is centred on growth for our people through the provision of financial resources, services and opportunities that connect their dreams to possibilities,” said Mrs. Abena Osei-Poku, Managing Director of Absa Bank Ghana Limited.
The bank, which has been the most profitable in the industry for the past three years, is a major financier and contributor to key sectors of the Ghanaian economy, including agriculture, education, health, industry and infrastructure among others. Under the Absa brand, the bank has reiterated its commitment to remain a significant player in the financial services sector and the country’s economic development.
“As one of Africa’s top three largest banks, backed by a large capital base and balance sheet, we will continue to play a leading role in Ghana’s development agenda while we remain focused on serving Ghanaians with quality groundbreaking financial services and safe investments for their hard-earned money. Our destiny is tied to that of our country and our commitment to Ghana is absolute,” said Mrs. Osei-Poku.
The change to Absa will not cause any change in customers account details and the bank’s branches will continue to operate as usual. Barclays branded cards will continue to work as normal until their date of expiry. Customers can also continue to use their Barclays cheque books until 10 August 2020, after which only cheques drawn on an Absa cheque book will be accepted.
“When we started this journey over three years ago, we took time to seek insights from our clients and stakeholders. We took to heart what they told us and set out to build a bank that partners them in innovative ways to bring meaning to their lives. Ghanaians can look forward to stronger partnerships that drive sustainable growth and a brighter future for all,” Mrs. Osei-Poku reiterated.
Total Assets of Barclays Bank Ghana – now Absa Ghana – more than doubled from GHc5.3 billion at end-December 2016 to GHc11.7 billion at end-December 2019, and the bank’s Capital Adequacy Ratio of 10.6 percent improved significantly to 16.5 percent.
Also, the bank’s Non-Performing Loans ratio of 19.2 percent improved to 6.6 percent over the review period, an indication of sound credit administration practices.
CEO of Absa Group, Daniel Mminele said with an asset base of more than US$90 billion, the Group seeks to contribute to Ghana and Africa’s economic transformation.