Barclays Bank Uganda has announced its in the process of changing its name from Barclays Bank to Absa pending regulatory approvals.
In a press announcement titles ‘Get ready Uganda’ Barclays announced how at the end of December 2017, Barclays PLC the London based financial giant, had reduced its shareholding in Barclays Africa Group making it possible for Barclays Africa Group under which Barclays Uganda falls to rebrand and change its name.
By the end of December 2017…Barclays PLC had reduced its shareholding in our holding company Barclays Africa Group Limited to 14.9% allowing us to make some exciting changes.’
Barclays says they will immediately change the name of their holding company from Barclays Group Limited to Absa Group Limited.
‘This change is happening at a group level and you probably won’t notice any change at all as Barclays Bank Uganda Limited will not change its name immediately.’
The bank says that the group changes are important because its the first step in our journey to ‘ultimately have one brand Absa, across all our operations.’ There are reports that pending approval from Bank Of Uganda Barclays will re brand to Absa by end of May 2018.
In June 2017, Barclays Africa Group announced that it had agreed terms for operational divorce itself from UK-based Barclays PLC, after the latter announced that it will be scaling back its involvement with the Africa company.