Maria Ramos sees Absa rebranding as a chance to enhance market share
CEO Maria Ramos is determined to use the rebranding of Barclays Africa Group to Absa Group as a springboard to win back market share. The group’s market share has been decimated in its traditional stronghold of retail and business banking in recent years, losing nearly 3-million clients since 2013. It has also lost its dominance in the extension of home loans, where it has been surpassed by the likes of Standard Bank. Ramos explained that some of the losses in market share were intended. “We did not want to aggressively participate in personal lending at a time when we felt the economy was weak, and where we lost market share in the mortgage market, we had taken a decision to clean up our book where some of the credit metrics looked unfavourable,” she said on Wednesday as the group unveiled its new brand. Ramos wants to double the group’s share of banking revenue on the continent from 6% to 12%. Other areas she specifically cited for improvement were the retail and business bank in ...
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