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By Nqobile Dludla
JOHANNESBURG, July 11 – Barclays Africa changed its name to Absa on Wednesday, in a rebranding aimed at highlighting its South African roots as Barclays of Britain is gradually withdrawing from the US. Africa.
Almost a year after Barclays sold most of its majority stake in Absa, the third-largest lender in South Africa, ending more than a century of British bank involvement in Africa to focus on its home market and the United States. We are celebrating a milestone in the pursuit of our vision of creating a banking group that Africa can truly be proud of, "said Maria Ramos, Executive Director of Absa, at an event held at Johannesburg. "Our new brand is a celebration of our deep sense of pride in our African heritage."
Absa was originally an acronym for the amalgamated banks of South Africa. It was formed in 1991 by the merger of several South African banks including the Volkskas Bank, a financial services conglomerate founded in the 1930s to mobilize the economic power of Afrikaners, white South Africans of essentially Dutch origin. under apartheid.
In 2005, Absa reduced its ownership interest from 62% to 15% by selling shares to major investors, including the South African public investment company.
Parallel to the brand change, the CEO of Absa Ramos has established an ambitious growth. She also announced that she planned to expand her bank financing and investment division with offices in New York and London
. Absa, which rivals Standard Bank, Nedbank and FirstRand, will reposition its operations elsewhere in Africa over the next 12 to 18 months. (Reportage of Nqobile Dludla Editing by Alexander Winning and Susan Fenton)
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