CHANGING FACE: ABSA REVEALS NEW IDENTITY

JOHANNESBURG- Barclays Africa is getting a revamp, ending Barclays’ 100-year history on the continent.

On Wednesday the lender left their former parent company to go back to ABSA after the Bank sold their controlling stake in 2005.

The Johannesburg based company has started reorganising its operations to distance itself from the UK based company and overhauling its investment bank.

ABSA chief executive officer Maria Ramos, 59, said in April that the refocused lender, around four divisions – retail and business banking, corporate and investment banking, rest of Africa, and wealth management and insurance.

“Barclays has been a very big brand in Africa, not in South Africa necessarily, but in the rest of Africa,” said Adrian Cloete, a portfolio manager at PSG Wealth.

“That means they’re going to have to spend more on their brand there when they brand back to ABSA.”

 

Video Credit- YouTube

Photo Credit- BusinessTech

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