Bank of Uganda Governor Prof. Emmanuel Tumusiime- Mutebile, has on Monday, November 11, 2019, officially handed over a license to Absa Uganda formalizing the name change from the previously held Barclays Bank brand.
Barclays Africa Group Limited officially changed its name to Absa Group Limited and said it will rename its Barclays Bank subsidiaries in Botswana, Ghana, Kenya, Mauritius, Mozambique, Nigeria, Seychelles, Tanzania, Uganda and Zambia within the next two years, subject to approvals.
The name change signals the start of a new era for the group as a standalone African banking group with deep roots on the continent and more than 100 years of experience in Africa’s banking sector.
The group name and brand change set in motion one of Africa’s largest rebranding programmes as eventually all Absa and Barclays ATMs, forms, branches, stationery, platforms and other assets across 12 countries will be updated with the new Absa brand design.
‘Absa’ was chosen as the future brand after wide consultation with employees and stakeholders across the group’s operations over a period of about a year. Existing brand value in the group, the risk of introducing a new name and cost were among the elements considered in deciding the future brand.
Absa, the name of the group’s South African subsidiary, has a pedigree as a strong and stable bank. The brand has substantial brand equity: Absa was recently named the fourth most valuable brand in South Africa by global brand valuation and strategy consultancy Brand Finance. There is also significant awareness of the brand in many countries in Africa through Absa’s football sponsorship.
Absa Group announced a new growth strategy in March, prioritising cultural transformation, restoring the group’s leadership position in core business areas, and developing pioneering propositions for customers and clients. The strategy is expected to double Absa’s share of bank revenues in Africa.
Meanwhile, Deputy BoU Governor Dr. Louis Kasekende proceeded to hold a brief meeting with
Absa Uganda Executive management where he congratulated Absa Uganda on this achievement and reiterated the support always given by the Central Bank.
