Kenya– Barclays Bank of Kenya has officially changed its name to Absa Bank Kenya PLC, a year and a half after Absa Group bought a controlling stake at the bank’s parent company Barclays Africa, prompting the name change.
The newly rebranded bank has also kicked off trading activities at the Nairobi Securities Exchange under the new name, following a go ahead by the Capital Markets Authority.
In a public announcement released by the company, the firm noted that it had obtained all the requisite shareholder and regulatory approvals about the brand and name change.
“The bank will commence trading with effect from 10th February 2020 as Absa Bank Kenya PLC. All contractual relationships and obligations that the bank has with its customers, partners, and other stakeholders are not affected by the change of its name,” part of the statement indicated.
Most of the bank’s branches around the country had revamped their brand features, to include a new corporate identity, logo and brand name.
“This is a major milestone for our business, and we will be engaging stakeholders in the coming days to celebrate the successful launch of the Absa brand,” Absa Bank Kenya PLC managing director Jeremy Awori said.
The lender expected to complete the rebranding and transition process before June 2020.
Absa has been undergoing a transition after parting ways with Barclays Plc, which reduced its shareholding in the African financial services group to a minority stake in 2017.
The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa.
It also includes transitioning from the Barclays brand to ‘Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018.
Absa launched a strategy in March 2018, which focused on regaining market share in core businesses.
As at end of November 2019, the transformation process was 90 per cent complete with the lender expecting to finalise the transition, having injected up to Sh910 million into the separation programme.
“For more than 100 years, we have proudly served the people of Kenya, and today we are excited to renew this commitment as we become Absa, a brand that embodies the core values of innovation, entrepreneurship, and resilience that Kenyans are known for,” Awori said.
Following receipt of all regulatory approvals, Barclays Life Assurance Kenya Limited has also changed to Absa Life Assurance Kenya Limited effective February 10.