Barclays Africa Group is to change its brand name to Absa Group Limited subject to the necessary regulatory and shareholder approval.
The financial institution made the announcement on Thursday morning after releasing its results for the year end December.
“A special resolution to this effect will be included in the notice of annual general meeting (AGM) to be issued to shareholders of Barclays Africa Group on 29 March 2018 for the meeting on 15 May 2018,” a statement from Barclays Africa says.
After separating from its UK parent Barclays, the African subsidiary agreed to cease from using the Barclays name.
“Investments will be made primarily in rebranding, technology and separation-related projects and it is expected that it will neutralise the capital and cash flow impact of separation investments on the group over time,” CEO Maria Ramos said.
Barclays Africa Group has a 100 per cent stake in ABSA Financial Services Limited in South Africa, which has a larger foot-print in the continent. It has 736 branches, 8,937 ATMs, 9.3 million customers and 31,234 employees.
The Group registered head office is in Johannesburg, South Africa and owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, and, Tanzania (Barclays Bank Tanzania and National Bank of Commerce)