Barclays Botswana changes name to ABSA

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Barclays Botswana changes name to ABSA

THE SouthernTIMES Mar 20, 2018

    Bakang Mhaladi

    Gaborone - After Barclays plc sold off its stake in Africa, Barclays Bank Botswana has announced a name change to absa.  

    London-based Barclays PLC has reduced its shareholding in Barclays Africa to 14.9 percent, shedding off 62.3 percent over the last three years.

    “By the end of December 2017, London-based Barclays PLC had reduced its shareholding in our holding company, Barclays Africa Group Limited to 14.9 percent, allowing us to make some exciting changes,” Barclays Bank Botswana said in a statement.

    The bank said the first of changes would be to change the holding name to ABSA Group Limited, subject to approval from “our regulators and shareholders”.

    “This change is happening at group level and you (customers) probably won’t notice any changes at all, as Barclays Bank Botswana will not change its name immediately,” read the statement.

    “But it is important because it is the first step in our journey to ultimately having one brand, ABSA, across all our operations.”

    Barclays PLC began divesting and selling its P55 billion stake in Barclays Africa in 2016, in an exercise spread over three years.

    When the sale of the shares began in 2016, Barclays Bank Botswana managing director, Reinette van der Merwe allayed fears over changes that would occur as a result of the changes.

    “There is no need to panic; the change of shareholders will be from the Barclays Plc, so nothing is changing especially that our infrastructure is integrated into the Barclays Africa Group.  There is going to be minimal impact or none at all. Instead, I see this as a positive move which has been made purely for profit reasons,” said van der Merwe. Barclays’ exit in Africa will end nearly a century of the bank’s strong presence in the continent.

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