Absa launches new branding, as Barclays ends its 100-year history in Africa
Barclays Africa Group is getting a revamp, ending a 100-year history for Barclays on the continent. The lender on Wednesday ditches the name of its former parent to revert to Absa Group, after the British bank sold down the controlling stake it bought in 2005. The Johannesburg-based company has already begun reorganising its operations to further distance itself from the UK firm, which itself is overhauling its investment bank to boost returns. Absa CEO Maria Ramos refocused the lender in April around four divisions — retail and business banking, corporate and investment banking, rest of Africa, and wealth management and insurance — in a bid to double its share of revenue from its 10 operations in Africa and regain market share in the South African retail market. The restructuring started with halving the number of executives at the retail and business banking unit last month. "Barclays has been a very big brand in Africa, not in SA necessarily, but in the rest of Africa," said Adri...
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