Rebrand of Absa Group opens a world of endless possibilities :: Kenya

NAIROBI, KENYA: For many businesses, change can be disturbing; even painful at times. It can also be exciting: filled with the promise of new beginnings. It is in this context that Absa Group, formerly Barclays Africa Group, finds itself at the new name after the sale by Barclays PLC of its majority stake.

This sale was completed in December of last year and Barclays PLC now holds 14.9% of the Group.

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This change has given our African group the freedom to chart its own course as a truly African, African-led bank, but with worldwide recognition as we will open two offices in Africa. London and New York to serve our international customers.

Importantly, the separation gave birth to one of the largest independent African banks. It has opened a new world of opportunity, in which our group can determine its own strategy and deploy its resources differently, with a unique African focus that builds on the local vision while building on its global reach.

As part of this change, the group renames our entity listed in Absa Group Limited. At the same time, we choose Absa as a brand for our 10 operations and our two subsidiaries in Africa, once the regulatory approvals are obtained in the different markets.

We are not rushing this process and we are gradually putting in place our customers, our staff and our communities.

This is a significant change. To go back, about 10 years ago, Barclays PLC held just over half of Barclays Africa Group shares. In 2013, he held a majority stake in the Group.

Today, the Absa Group is a bank with a large footprint, a solid track record and the ability to control its own destiny. About ten years ago, the Group was represented in three African markets outside of South Africa: Mozambique, Angola and Tanzania.

The Group had approximately 4,580 typical ATMs and just over 32,000 employees.

Today, the Group is one of the largest financial services companies in Africa, servicing 10 markets with two representative offices, over 10,000 ATMs and approximately 42,000 co-workers. different cultures and countries.

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Today, our new identity reflects our commitment to this continent that we call our country.

A new identity and a new identity give us the opportunity to be bold, pbadionate and ready, with growth at the heart of our concerns and the desire to embrace a digital future with all of us. growth opportunities.

We did not choose this path lightly, and we consulted widely, knowing that Absa is one of the five largest banks in South Africa for 30 years and that she has won a multitude of coveted awards for her publicity. success, social engagement and innovation.

The new name of our group comes after several months of research and more than 130,000 engagements with stakeholders, including employees, through our operations in Africa.

Research has made it very clear that we should take advantage of the Absa brand while retaining the history and heritage of Barclays as one of the most trusted and respected brands in Africa.

As a Group, we are listed on the Johannesburg Stock Exchange, with a balance sheet of nearly 10 trillion shillings at the end of December 2017 ($ 100 billion). We are fortunate to have both an exceptional legacy and a solid platform on which to build.

And we dare not underestimate the task ahead. Competition has never been so fierce in Africa and only those who are able to challenge the status quo will stand out.

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So we challenge ourselves to make pbadionate innovation a cornerstone of service delivery to our clients, so that we are able to achieve and sustain growth before the market.

For the future, we will use all our resources to embrace a digital future that will enhance easy, relevant and convenient banking services for all. This has profound implications for the future of the bank in Africa.

Although our new brand is based on the traditional and reliable banking paradigm, our independence allows us to be more receptive to new economies and changing market conditions.

Our separation from Barclays PLC gives us the opportunity to make a radical change in the investment in new technology to move with these changes and lead.

We build on the solid foundation that has been laid in our operations across Africa for over 100 years. People in Africa have been accountable with us for generations – and we are the same bank, a bank that millions of customers have trusted for generations in Africa.

Our new strategy in Africa, and here in Kenya, reflects our autonomy, ambition and pbadion. It is marked by two main changes: first, and perhaps most importantly, it encourages audacity, whereas in the past we were probably too cautious.

Secondly, we will be a digital company. We are determined to become pioneers of digital, creating a digital bank around the mobile and we will use advanced badytics, machine learning among other tools to develop more relevant products and services that are delivered in a unique and exciting way for our customers.

These actions will transform our customer proposition and fuel our agility to drive growth, transformation and yield.

Ultimately, our strategy aims to double the Group's share of Africa's banking business by 6% to 12%, to strengthen and regain its leading position in key areas of its business and to create a successful organization. diversity and inclusion, with growth as a goal.

The road ahead is exciting for all of us.

The author is the managing director, Barclays Bank of Kenya – part of the Absa family