‘Unshackled’ Absa to reclaim its name
SA’s third-largest bank opts to use its South African brand name in the rest of Africa
Absa has resolved to once again become … Absa. SA’s third-largest bank by market capitalisation, worth R169.8bn and until 2017 majority owned by Barclays plc, has opted to use its South African brand name in the rest of Africa as it plans to double its market share of banking revenue on the continent to 12%, unshackled as it now is from its UK parent. CEO Maria Ramos gave no definitive timelines at the full-year results presentation on Thursday, although she described Absa’s growth plan as “a once-in-a-generation opportunity to reset the group”. “We are an independent business now, we do not have a majority shareholder… [It’s] growth driven by a fundamental change in culture and by an investment in our core capabilities … it is a strategy that we have spent the whole year on, involved everybody in our organisation [in] and we’re very confident that we can get this done,” she said. Ramos said the bank had consulted with more than 130,000 customers in arriving at the bank’s new-old na...
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