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The Johannesburg-based company has already begun to reorganize its operations to distance itself from the British company, which is itself reworking its investment bank to increase returns.
Maria Ramos, 59, has refocused lender around four divisions – retail and business banking, finance and investment banking, rest of Africa, wealth management and insurance – in order to double its revenue share of its 10 operations in Africa and regain market share
The restructuring began with the halving of the number of executives in retail and business banking last month.
"Barclays has been a very big brand in Africa, not necessarily in South Africa but in the rest of Africa." Adrian Cloete, a portfolio manager at PSG Wealth.
"This means that they are going to have to spend more on their brand when they make their mark on ABSA."
Value Mark
Ra Mos is not going empty handed, having negotiated 1 billion dollars from Barclays for necessary investments in technology, rebranding and other expenses related to the separation. In the week leading up to the brand's relaunch, social media showed a new look that only slightly differs from the brand's red color.
He also communicated the upcoming change with clients in his operations outside of South Africa, where he retains the right to use the Barclays trademark for two years. The site was relaunched Wednesday with a new logo
At home, where the ABSA brand is never really part, the transition will be easier. The name of ABSA is currently the fourth most popular brand in the country and is estimated by Brand Finance at 18.8 billion rand.
More than the revival of the brand, the company will meet its ambition to regain its former market position among South African consumers that investors will monitor closely, said Cloete.
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