Barclays Bank of Kenya will rebrand to Absa Kenya in 2020, and not anytime before.
The Group Deputy CEO Peter Matlare says that the transitioning period requires an “important process of communication and consultation not just with regulators but also with our customers and client so they understand the journey every step of the way.”
“We have put a plan to CBK to show them how this will be done, the timelines and how we will be derisking the entire process. We envisage this to happen in Kenya in 2020 and not before,” he added.
Mr Matlare was speaking to The Financial Standard, on the sidelines of World Economic Forum that took place in Davos.
Barclays Africa rebranded to Absa in 2018 after Britain’s Barclays announced departure from the African market.
Apart from Kenya, it has presence in South Africa, Botswana, Ghana, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia who have either fully rebranded to Absa, or are awaiting regulatory approvals.
Get ready Kenya
By the end of December 2017, London-based Barclays PLC had reduced its shareholding in our holding company Barclays Africa Group Limited to 14.9%, allowing us to make some exciting changes.
The first of these is the decision to change our holding company name from Barclays Africa Group Limited to Absa Group Limited, subject to approval from our regulators and shareholders.
This change is happening at a group level and you probably won’t notice any change at all, as Barclays Bank of Kenya will not change its name immediately. But it is important, because it is the first step in our journey to ultimately having one brand, Absa, across all our operations (subject to regulatory approval).
So let’s get ready for exciting new possibilities.
- What is the Barclays sell-down?
- Who owns Barclays Bank now?
- Why are you changing the Barclays brand?
- Why did you decide on Absa as the new brand?
- Why not choose a completely new brand name?
- Why did you choose a single brand name for all your operations in Africa?
- Can I expect any other changes when the name of my bank changes?
- When will my Barclays Bank become Absa?
- Can I still use my Barclays credit and debit cards, cheque book and Barclays digital platforms?
- Is Barclays PLC still involved in any way?
- You will need to invest significant resources in a rebranding exercise. Will I be paying for this?
- What do I have to look forward to in the future?
- Can I have the same confidence in this new brand as I have in Barclays?